A new analysis of the cost-of-moving suggests that the typical seller will incur expenses of £5,867 - and that rises hugely to £12,042 in London.
The largest expense is the estate agent fee; as a function of the sale price, this has inevitably risen as prices have.
Across the nation, the average fee currently stands at 1.54% which, based on the current average house price of £293,976, comes to £4,527.
Conveyancing is the second-largest cost coming in at a national average of £1,000, followed by a further £250 for disbursements.
Finally, there’s the additional cost of £90 to pay for an Energy Performance Certificate (EPC)
If you’re selling in London, the average cost of selling your home more than doubles to hit £12,042. This increase is partly down to agents taking a larger average fee of 1.99% against the capital’s highest average house price of £517,726, which comes out at £10,312.
Conveyancing is also more expensive in London, averaging £1,390, while the expected cost of disbursements and an EPC remain constant across all regions.
London is followed by the South East where sellers pay an average of £7,192, while the South West (£6,505), East of England (£6,316), and West Midlands (£4,936) round off five most expensive selling regions.
The most affordable place to sell a home is the North East which has, by quite some distance, the lowest average house price in the nation (£154,948). This means agent fees cost just £2,270. Conveyancing costs are also the lowest in the country (£880) which means the cost of selling your home comes in at £3,490, almost four-times cheaper than the capital city.
The figures have been amassed by online agency Yopa whose chief executive, Verona Frankish, comments: “While homeowners have generally benefited from a consistently strong level of house price growth in recent years, the cost of selling has also increased due to the fact that, in most cases, estate agent fees are directly linked to the value of a property.”
A survey released this morning shows that estate agents’ fees have...
The average cost of moving home in the UK has increased...
New research shows that UK estate agents are amongst the best...
A comparison website dealing with estate agency charges says commission varies...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
No way these numbers are accurate. 1.54% across the nation? Not a chance.
Reported only a few months ago that they were 1.42% Inc vat... so 1.18% on average which is in line with previous figures.
Yopa who are you, ignore. Try selling in Bradford with those fees, you wouldn't get an instruction.
Absolute garbage article
More like YOPA trying to use it to get business.
If you get 1% fee your lucky most of the time . It’s a hard game with so much more to do than ever before, agents fees should be 2.5% to cover what the government are asking us to do.
Why no mention of that wonderful TAX ON HOMES, SDLT, stamp duty?? Makes most Estate Agent fees look tiny in comparison.
There's no reason to change low fees at all. Our competitors charge from zero to 1.25% and yet we charge 2% on every instruction. It's simply a mindset.
Please login to comment