A larger number of property sellers are beginning to privately sell their properties, according to a study by The Office of Fair Trading (OFT).

Although the majority of sellers prefer a traditional real estate agent, over a third considered using an online agent or selling at an auction, an increase from 2004’s survey.

“This is important research which updates the available evidence about the process of buying and selling a home and current and future developments in the sector,” said Heather Clayton, senior director of infrastructure at OFT.

“For example, it shows the enormous potential for new internet-based business models in home buying and selling.”

The OFT published four reports that included a survey of estate agents and trading standard services, as well as consumer reaction to the home buying and selling procedure.

In the consumer report, 88 per cent of both buyers and sellers were satisfied with their real estate agents, up from five years ago, when the figures were 72 and 74 per cent respectively.

The reports also found that consumer complaints were directed primarily at the individual buyer or seller on the other side of the transaction, as opposed to the estate agent.

In another study, 24 per cent of real estate agents surveyed failed to comply with the Trading Standards’ regulations.

On the question of services provided to buyers such as legal advice and mortgages, estate agents made referrals to 65 per cent of buyers.

Thirty-six per cent of those buyers went on to use at least one of the recommended services.

In regards to an agent’s selling behaviour, 82 per cent of buyers said they did not feel pressured into purchasing a home.

When asked whose interests they felt the estate agent represented, 53 per cent of buyers said the agent was fair to both parties, while 40 per cent said the agent showed preference towards the seller.

Only 6 per cent felt that the agent was working on the buyer’s behalf.

The most common reason for a failed transaction was another buyer making a better offer, with 19 per cent of buyers losing out on an offer the seller had originally accepted.

Ms Clayton said: “Our final report will look at, among other things, how new ways of buying and selling a home may develop in the future, whether there is scope to improve consumer protection enforcement, consumer awareness of potential pitfalls in the process and ancillary services sold by estate agents.”