Home Property Cost of selling a home spirals to £32,430 in some parts of Britain

Cost of selling a home spirals to £32,430 in some parts of Britain

by LLP Finance Reporter
4th Aug 20 3:43 pm

The average cost of selling a home in the UK has risen to £4,154 according to new data released by estate agent comparison site, GetAgent.co.uk.

New research from the firm shows the average estate agent fee in Great Britain is 1.51%, up 0.26% when compared to this time last year.

However, as you would expect, there are regional differences in some parts of the property market. And in Kensington and Chelsea, this fee comes in much higher at 2.32%. The borough is also home to the highest monetary sum based on the current average house price, with home sellers in the borough forking out a hefty £32,430 in estate agency fees when selling.

London accounts for eight of the 15 highest percentage selling fees. However, Blaenau Gwent (2.14%), West Devon (1.95%), Middlesbrough (1.94%), Breckland (1.9%), Medway (1.88%) and Neath Port Talbot (1.87%) also make the list.

The highest fee paid

London also accounts for the vast majority of the 15 highest fees in a monetary sense, with homeowners paying between £8,978 and £32,430. Elmbridge is the only area outside of London to make the list with the average fee to sell costing £8,978.

The highest annual increase in percentage fee

Hambleton has seen the most substantial increase in percentage fee since last year, up 0.6% from 0.83% to 1.43%. South Ayrshire (+0.58%), Rugby (+0.57%), Hartlepool (+0.52%) and Hart (+0.52%) have also seen some of the most significant increases.

The highest annual increase in fee paid

Kensington and Chelsea are not only home to the highest fees, but the area has seen the most substantial increase since last year in terms of money paid. Homesellers are now paying £8,048 than they would have a year ago along with those selling in Westminster (+£6,695), City of London (+£3,598), Hackney (+£3,105) and Hammersmith and Fulham (+£3,002).

Colby Short, founder and CEO of GetAgent.co.uk said, “With the market starting to pick up after months on end of Brexit uncertainty, exacerbated by a total pandemic lockdown, it’s only natural that fees will also see a slight lift, particularly given the financial turmoil some agents may now be in.

“Of course, this percentage-based fee means that those lucky enough to have a considerably more expensive house to sell will pay out a fair chunk more for the pleasure. However, the average fee remains far more palpable than the three and a half per cent that use to be the norm.

“Homesellers are also starting to realise the vital role estate agents play in the property selling process and, given the tougher market conditions, they will probably find their fees much better value for money than they may have previously.”

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