New research, exclusively for Which? Money, has discovered that the fees for using a high street estate agent can vary as much as 261% dependent on postcode.
An estate agent comparison service, called Get Agent, carried out analysis on over 40,000 estate agencies which listed properties in more than 2,400 locations. The average estate agent cost for selling a home in England and Wales can be as high as 3.07% in the most expensive areas, but on average sits at 1.53% (inc VAT) of the sale price of the property.
How much are estate agent fees in my area?
The data consists of agencies only taking a fee if the property sells over the past 6 months. Which are the most expensive and cheapest areas to use a high street estate agent?
Ramsgate, Kent, comes out the most expensive at 3.07% of the property sale price. This is postcode CT11 where the average property listing price is £241,849, meaning that it would cost £7,425 in estate agent fees.
NE67 is the cheapest area to sell, which covers Benthall in Northumberland. The average fee is 0.85% which means the average property listed at £326,000 has a fee of £2,771.
If you’d like to find out the average estate agent fee in your postcode, hop on over to the data table on Which? where you can enter your postcode.
Are you selling but not sure which estate agent to choose?
When selling a house, everyone wants to sell as fast as they can and for the highest possible price. To help achieve these goals, research which estate agents are selling similar houses to yours quickly and for good prices.
Which? recommends inviting 3 estate agents to value your house or flat and to provide you with a quote for using their services.
Bear in mind that since October 2016, estate agencies must quote including VAT, however if your quote doesn’t make it clear whether VAT is included, it’s best to double check.
Are estate agent fees negotiable?
There are many fees to selling your home, but estate agency fees are possibly the largest. You may be able to get the costs dropped from the initial quote provided to you, but if the agents won’t drop the percentage of commission, there’s other things you can try.
One of these is negotiating a part of the service, such as the tie-in period with that agency. Another option is to ask about a sliding scale where commission rates vary dependent on how much the agency manages to sell your property for.
What other routes are there to selling?
As mentioned in the previous section, there are many fees to selling your home. As well as estate agency fees, there are mortgage costs, conveyancing fees, EPC costs and removal fees.
You could consider selling your home privately, via a property auction, through an online estate agent or through a cash property buying company. There are different benefits to these methods; property auctions could be a quicker way to sell your home but you may get less money for it and they have fees, a cash property buying company can often buy your home from you for cash with no fees. Whichever you choose, it’s best to ensure you do your research.