Analysis reveals huge gap in estate agent fees
The cost of selling a home through a High Street estate agent can vary by as much as 261% depending on the postcode, according to new research.
The figures from GetAgent for consumer group Which? Money analysed more than 40,000 branches that listed properties in over 2,400 postcode areas.
It found the average estate agent fee for selling a home in England and Wales is 1.53%, including VAT, of the property sales price but it can be as high as 3.07% in the most expensive areas.
GetAgent looked at the fees charged by agents offering a no-sale, no fee service across England and Wales in the past six months.
It found that if you’re selling in the CT11 area of Ramsgate in Kent, the typical fee charged by local agents is 3.07%. This means handing over £7,425, based on the average property listing price of £241,849 for branches in the area.
In contrast, sellers in NE67 or Benthall in Northumberland typically get charged a 0.85% fee. That equates to £2,771 for an average property worth £326,000 listed with branches in the area.
Estate agent fees used to be quoted ‘plus VAT’, meaning you had to add 20% on top of your quote.
However, since October 2016 the rules state that quotes should now always include VAT. If your quote doesn’t make it clear either way, it’s worth double checking, according to the experts at Which?