Cost of selling home revealed

Jessica Nangle

November 1, 2019

The cost of selling a home in current market conditions is on average £21,721 according to estate agent comparison website GetAgent.co.uk.

GetAgent looked at the current cost of selling across the UK based on the average estate agent fee on the average price achieved in each location.

The comparison site also factored in the depreciation in property values between the asking and sold price due to political uncertainty.

The data shows that with an average fee of 1.25%, UK homesellers are spending almost £5,000 in fees.

However with the average seller in Britain achieving 95% of the asking price, they are having to adjust their price expectations to a further loss of £17,154.

London and the surrounding areas are hit harder by the Brexit market slowdown, with Westminster costing the most for UK sellers at £334,874.

Sheffield is the most affordable market for a current property sale at £5,385.

Colby Short, founder and chief executive of GetAgent, said: “Finding a good agent has always been about the optimum balance of achieving a good price and the fee they will charge to do so.

“One of the hang ups of the online sector in particular has been that while you pay a low upfront fee you also secure a far lower price, making it more expensive.

“In any market, home sellers always tend to be over optimistic in their asking price expectations and so achieving below this benchmark isn’t just Brexit related.

“However at the moment we’re seeing many have to accept as much as an eight to 10% reduction in order to secure a sale which is far from normal.

“All things considered, selling your home in the current market can be an expensive and drawn out endeavour.

“Ensuring you instruct the best agent at the best price is the best way to maximise your property’s profitability.”

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