The most recent ‘Residential Property Focus’ publication from Savills estate agents says that the UK’s volume of property transactions is at a low.
In each of the last ten years 1 in 16 houses sold. But in the last two years that has fallen to just 1 in 25. That’s a 56% decrease in sales.
There are 590,000 homes in Essex. 23,600 of those will therefore sell during 2010 or thereabouts. The average house value in the county is £230,000 (Source: Zoopla).
The average estate agency fee in the UK, according to the OFT’s most recent research is 1.6%.
All this added up means that Essex will still pay around £86 million to estate agents in return for what they will sell this year. That’s in spite of the reduction in sales volumes.
For the record, if all 23,600 sellers used www.eMoov.co.uk instead of expensive High Street agents, then they would save £78 million (plus the VAT of £13.7 million also of course).
Just a thought…