Ref. 31011-17A SWINDON businessman who aims to take the pain out of buying a house has been nominated as entrepreneur of the year in a national competition.

Steven Foster, chief executive of TM Property Services in the Delta Business Park, is a finalist in the south region section of the awards, founded by Ernst and Young.

TM was set up four years ago, and gives property searches and other information to conveyancers working on housebuying through the internet.

Rather than depend on postal requests to the Land Registry and local authorities, TM allows solicitors to have information much quicker.

This not only reduces the sleepless nights experienced by buyers as they wait to exchange contracts but also reduces the risk of being gazumped.

Mr Foster said: "The problem isn't with solicitors or estate agents it's a systematic fault.

"We identified that and how we could get people the information quicker.

"Sometimes businesses just click into place and this one has clicked."

Now TM employs 30 people, with 20 in Swindon and the rest in sales jobs around the country.

Mr Foster, 37, of Axford, near Marlborough, was nominated for the award for his foresight in recognising and developing the new business opportunity and the dynamic business building. Last year, TM had a turnover of £13m and it plans to double that this year.

Mr Foster, who previously worked for KPMG and in arts administration, paid tribute to his staff.

He said: "I am being given the credit for this but we have 30 staff who are loyal and hardworking. If it weren't a good team, we wouldn't be where we are today."

So far, TM works for 10 per cent of the conveyancing market, and Mr Foster believes the company will be able to ride out any worry over house prices.

He said: "If the housing market did crash, because the business is based on volume and not cost, we should be alright.

"We are a service which is not based on the price of a property, so it should not really affect us."

Mr Foster will learn the result of the nominations on July 6.

Andrew Jupp, Ernst and Young's regional head of the entrepreneurial growth markets team, said: "The calibre of entrants has been exceptional this year, which is testament to the wealth of talent and enterprise in the region."