Average 21% Increase in Estate Agents Fees Across The UK: 2024’s Reveal
Are you all set for a shocking reveal? Here is the big news for estate agents across the UK! According to a new research and market analysis, landlords set to sell their properties are paying 21% or more as estate agent fees across the UK.
This sudden surge in property agent fees is not due to high estate agent costs but increased demand for real estate firms among vendors or landlords from 2019 to 2024.
You’ll be surprised that London is the only place in the UK where estate agent charges have fallen -0.5% over the five years.
According to the OPG (Open Property Group), estate agent charges suddenly changed in 2019 as the cost of selling a house changed. On average, the house price in the UK in 2019 was £240,000, and the estate agent charges rose 1.53%.
The estimated cost of the estate agent was £3,500 in 2019.
The average house selling price in the UK is £280,500. However, the property agent fees have fallen to 1.42%.
Due to the sudden increase in a house’s selling price, the agent’s fees have risen to £4,000. This is an increment of 12.8% in the agent’s fee that the house seller has to pay if he sells his house through an estate agency.
Most people don’t know how much it costs to sell a house in the UK
Due to the vast increase in house selling prices in different regions of the UK, estate agent’s commission rates have also increased unpredictably.
A few regions in the UK have seen a massive surge in estate agent charges because of increased demand for property selling. In the North West, the average selling price of a house has increased from £165,000 in 2019 to £215,000 in 2024.
However, London’s estate agents have seen a decline in the charges because of the dropping prices of houses sold.
If your property or home is on the market for an extended period, the cost to sell a home will be doubled. You must also pay the mortgage, property insurance, and utility bills while waiting for an ideal buyer. This will eventually add some pounds to the estate agent fees.
A Quick Sale Option is Far Better Than Others!
If you want to sell your house quickly and save some money, a quick sale is always a sensible and ideal option, especially in the UK. You can also hire a firm with a team of no-sale, no-fee estate agents.
This way, you don’t need to wait months to find the right buyer for your house or property in the UK.
After a few stale years, house selling prices are going up again in the second half of 2024. This is because of the increased demand for properties among house buyers. This rise in house selling prices is also raising estate agents’ fees.
To save money on house selling in the UK, sellers should consider quick and open selling of residential properties. This way, they can avoid paying hefty estate agent fees and reduce the mortgage cost and other utility bills.
A Sliding Scale Can Cut the Estate Agent Fees
If you want to reduce estate agent charges, set or choose a sliding commission scale. This means an estate agent will receive a big incentive only if he sells your property at high rates or according to your set limit.
Setting a sliding scale is a good option if an estate agent wants to sell a house at high charges. You can also revise the sliding commission or incentive scale to encourage the estate agent to make a quick sale.
The estate agents should mention the cost of selling a house, including VAT. So, the home sellers choose them according to their budget and requirements.
