Estate agent fees hitting £7,000 in areas of England

Mortgage Introducer

February 1, 2019

Average estate agency fees are in excess of £7,000 in parts of England despite the slower market conditions, seller property portal OkayLah has found.

The English average is £3,425, though it stands at £6,804 in London and £4,585 in the South East.

However with fewer transactions completing in the capital, the South East has paid the highest total amount in estate agent fees in the past 12 months – around £651bn.

Paul Telford, founder and chief executive of OkayLah, said: “Slower market conditions and a drop in buyer demand has not only impacted the asking price of the nation’s sellers, but estate agents have also had to readjust their expectations due to dwindling stock levels and competition from fixed fee agents.

“That said, this research demonstrates the vast amounts of money that some agents are still making due to the high cost of property in some areas of England, regardless of whether or not the buyer has taken the brunt of Brexit market uncertainty and lowered their asking price.

“It also highlights that despite the doom and gloom of our current EU limbo, there are plenty of areas enjoying large numbers of property transactions, and the UK property market remains a very lucrative investment.

“Our advice to those looking to sell would be to shop around, negotiate on fee, and consider alternative options such as for sale by owner platforms or other fixed fee models to maximise your property sale profits.”

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