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Council of Dragons to advise Government on proptech

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Which? data shows high postcode disparity on estate agent fees

Tuesday 29 October 2019

The cost of selling a home through a high street estate agent can vary by as much as 261 per cent depending on your postcode, according to research by Which? Money.

The research looked at more than 40,000 branches that listed properties in over 2,400 areas. It found the average estate agent fee for selling a home in England and Wales is 1.53 per cent (including VAT) of the property sales price – but it can be as high as 3.07 per cent in the most expensive areas.

The investigation considered the fees charged by agents offering a no-sale, no fee service across England and Wales in the past six months.

It found that agents in the CT11 area of Ramsgate in Kent typically charged a 3.07 per cent fee. This means a seller would hand 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 per cent fee. That equates to £2,771 for an average property worth £326,000 listed with branches in the area.

Which? has also developed an estate agent comparison tool for consumers to compare agents’ fees, the average time taken to sell a property, and how many similar properties they have listed.

Referral Fees

Propertymark encourages all agents to make themselves aware of the National Trading Standards Estate and Letting Agency Team (NTSELAT) guidance on referral fees and ensure they are making fees more open and transparent to consumers.

Referral Fees