Netanagent.com, an estate agent comparison site, has provided a new online map to give property owners a better picture of the cost of selling of house in Britain.
This new map gives homeowners in the UK quick and easy access in assessing the cost of putting a house on the market.
Costs
According to the report, Hexham, a village in the Tyne Valley, is the cheapest place to market a property in Britain. On the flip side, Kensington in London was found to be the most expensive place to sell.
In addition, the map uncovers the differences in price being paid to move home in Britain. Unsurprisingly, London made up six of the top ten fee hotspots.
The 10 most expensive areas for estate agent fees were found to be:
- Kensington-1.63%
- Walsall North-1.60%
- Cities of London and Westminster-1.58%
- Preseli Pembrokeshire-1.56%
- Chelsea and Fulham-1.54%
- Putney-1.5%
- Hammersmith 1.5%
- Banff and Buchan, Scotland-1.5%
- Holborn and St Pancraas-1.5%
- Ynys Mon (Anglesey), Wales-1.5% [1]
On the other hand, the 10 cheapest regions for estate agent fees were found to be:
- Hexham-0.72%
- Newcastle upon Tyne North-0.80%
- Cannock Chase-0.82%
- East Renfrewshire-0.84%
- East Dumbartonshire-0.86%
- Shrewsbury and Atcham-0.86%
- Glasgow North-0.87%
- Glasgow Central-0.87%
- Glasgow South-0.88%
- South Derbyshire-0.88% [1]
The average nationwide fee was found to be 1.10%.
How much does it cost to sell a property in the UK?
Selling
Alex Thorpe, netanagent.com managing director, observed: ‘No-one will be surprised to hear that London is the most expensive area to sell, but they may raise an eyebrow at two remote spots in Wales and Scotland hitting the top ten.’[1]
‘The costs are easily explained though and this is something that estate agents often struggle to get across-remote locations can mean a huge geographical area to cover, with increased overheads and a genuine lack of buyers. All of this can equate to a larger workload for an agent, justifying a slightly higher fee. Equally, in London, selling property isn’t just about listing a property on Rightmove and sitting back: we’re talking about vast sums of money, requiring agents to stay closely involved at all points and delivering the sort of high end service you expect to pay for,’ Thorpe continued.[1]
Averages
The online map covers the year between April 2015 and April 2016, drawing an average of property fee quotes from this period. This then gives a typical figure from sales of property of all different values.
In context, a property priced at the current UK average of £307,033 will cost £2,210 to sell in Hexham. However in Kensington, this will cost a fee of £5,004.
‘Whilst even the lowest fee may seem expensive to some homeowners, when selling a property the work that goes on behind the scenes is a lot more extensive than agents often talk about, especially post offer. Agents are the go-between in one of the most stressful processes we go through in life and they often become the main point of contact for a vendor, offering advice, support and hopefully peace of mind right up until completion,’ Mr Thorpe concluded
[1] http://www.propertyreporter.co.uk/property/where-is-the-cheapest-place-to-sell-a-house-in-the-uk.html