On 28th October as part of a BLOG article titled ‘NAEA Housing Market Report’ we made the following statement:
‘The public are an informed and resourceful bunch and will surely begin to desert expensive High Street offices as they become more and more aware of internet estate agents like eMoov.co.uk that typically save 90% on selling fees…’
‘Anonymous’ has commented on that post that our statement is misleading. ‘I fail to see where your services save clients 90%. Your claims are unsubstantiated and highly misleading’
Whilst we would bet a High Street estate agent’s fee that the commenter is indeed a High Street estate agent, desperately clinging on to the 20th Century with both hands, we are happy to address the anonymous comment and to set the record straight.
The most recent HM Land Registry figures state that the average UK house price is £228,095.
The typical UK estate agency fee is 1.6% plus vat, according to the Office of Fair Trading’s latest report into the housing market.
A quick bit of arithmetic goes as follows….
£228,095 x 1.6% equals £3649.52 plus vat of £729.90 which equates to £4379.42.
The typical eMoov fee and by a mile the most popular is our Option 1 £295.00 package. £295.00 plus vat of £59.00 is £354.00.
£354.00 as a percentage of £4379.42 is …. OH! Sorry, we HAVE indeed misled you it seems.
We have inadvertently stated that the saving to the average UK house seller using eMoov.co.uk to sell their property is 90% when in fact it is not.
It is 92%.
We apologise unreservedly and of course retract any statement that we have previously made that may have indicated that a home owner would save 90% in selling fees when selling their property using eMoov online estate agents.
Really sorry about that.