Estate agents now charging sellers an average 1.4% plus Vat – claim James Black Homes; who only charge only 0.75% plus Vat
Vendors are now paying estate agents 1.4% on average to sell their property, new data has claimed.
The data is based on numbers users entered on to a calculator hosted on home removals and comparison website Compare My Move.
The cost of moving house calculator estimates the costs of selling and/or purchasing a property by getting users to enter the commission their agent charges as well as other factors such as the property price and where they are moving to.
A spokesman said 22,000 people have used the calculator since it launched in January 2018 and sellers said they have been paying their agent on average 1.4%.
Users enter the percentage commission charged by their agent themselves so it is unclear if this will include VAT or not as some may choose to incorporate that and some may not.
That is lower than the often-controversially cited 1.8% agency fees figure that has previously been touted by consumer watchdog Which? and used by others.
The Which? figure dates back seven years, although Which? itself has since accepted that the average fee is 1.2%.
It comes as research by Compare My Move found the average home owner spent £10,047 moving home last year, an annual rise of around £500.
This is based on data from its own calculator as well as average property prices from October 2018, Stamp Duty rates, conveyancing and removal prices from firms on its websites and extra payments such as for an Energy Performance Certificate.
Stamp Duty made up around 35% of moving costs on average, the research found.
The cheapest region to move was the north east at £5,148, while it cost the most in London at £27,769, with 60% of this being Stamp Duty payments.
For further information please click the following link – https://www.comparemymove.com