With the Property Ombudsman’s 2013 interim report being released, research by Emoov.co.uk, the UK’s largest low cost online estate agent has revealed that Brits spent over £2 billion on unnecessary high street estate agent fees in 2012. The pioneering site found that a staggering £2,193,878,132 was spent on estate agents’ fees in the UK from 1st January 2012 – 31st January 2013, working out as £3,847.29 wasted per minute or £64.12 every second. So, it’s no wonder that complaints against estate agents to the Property Ombudsman rose by 12% in 2012.
To put this into context, the same amount of money would buy:
- 4 x new NHS hospitals (£545 million)
- 8 x the UK’s most expensive house on Carlton Street Terrace, London (£250 million)
- 4 x refurbishments of Brazil’s Maracana Stadium (£500 million)
- 25 x Cristiano Ronaldo’s, the world’s most expensive footballer (£80 million)
- 28 x Kate Moss’ net worth (£70 million)
- 12,385 x than the average house price in the UK (£161,490)
Emoov.co.uk is revolutionising the property market by charging home owners a one-off fee of £395 to list their property across sites such as Zoopla and Rightmove as opposed to the usual 1% – 2% commission that traditional estate agents take.
Emoov founder, Russell Quirk, says:
“Such a needlessly huge amount of money is spent on over inflated estate agent fees every year in this country. Rather than asking someone for £4,000 for marketing their £250,000 house we want to give something back to the consumer and charge them a more realistic fee.
A phenomenal amount of money is being wasted every year. It’s time that UK homeowners wake up, realise that the future of the property industry is online and make high street estate agents a thing of the past.”
 SOURCE: The Property Ombudsman: In 2012, the Ombudsman received a total of 15,782 complaint inquiries, a 12% increase from 2011 when there were 14,066 complaints.