Estate agents are charging movers fees of 1.4% on average to sell their homes, new research claims.
An article by consumer watchdog Which? has cited exclusive data from conveyancing comparison platform Reallymoving that suggests the total cost of selling a property and buying a new home has hit £14,207.
It uses estate agency fees of 1.4% as a benchmark, although the guide suggests lower rates are available and advises vendors to haggle for better deals.
Which? said: “There's not a great deal you can do about your Stamp Duty bill, but there are ways you can cut the other costs of moving home.
“Estate agent fees will be your biggest outlay. Reallymoving uses an average of 1.42% of the sale price - but it's possible to get a cheaper rate.”
“Get quotes from several agents, and don't be afraid to haggle over the fee or overall deal. You can also use our partner comparison site GetAgent to compare estate agents' performance and fees in your area.”
Based on an average property price of around £292,000, the report claims that those selling their own home and buying a new one are paying £6,500 in Stamp Duty, £4,544 in estateagent fees, £2,004 for conveyancing, £456 for a survey, £649 for removals and £55 for an Energy Performance Certificate.
The costings don’t reflect the new Stamp Duty thresholds.
First-time buyers are paying less, due to Stamp Duty reliefs and not having to sell a property but their costs have still increased by 6% to £2,198.
Other reports tend to put average estate agency fees at between 0.75% to 3% plus VAT depending on the area and the agent.
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Just when sellers need a decent agent who understands how to sell not just take an order, we see fee wars? I've put my fees up 30% and nobody's whinging. Stop under selling your service.
What a tragic figure.
I would not pay1/4% - never had any problem selling non my developments at top price
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