Have you been a victim of estate agents’ fees? Have they added thousands of pounds to the cost of selling a home?
According to figures cited recently by the Daily Express, a typical homeowner now pays £4,737 to sell their home with the help of a high-street agent. When VAT is added, the cost of finding a buyer for your property immediately jumps to almost £5,700. And the higher the value of the property, the higher commission you would pay to the agent, as they usually charge a fixed percentage of a home’s worth.
The latest report from Nationwide points to an 11% uptick in house prices in the past year and a more pronounced 18% rise in London alone. And while this works well for agents, it means financial trouble for sellers.
A new breed of online property websites, however, now seems poised to disrupt the traditional estate agency model and redefine the way things work in the market by giving vendors the chance to market and sell their home for just a fraction of the cost.
These sites entered the real estate arena around a decade ago and are currently picking up pace as people become more willing to buy and sell a home online and make use of the savings available. By using an online estate agent like eMoov – the leading online estate agent – one can easily save thousands of pounds, particularly when the property is more expensive.
The fees charged by high street agents usually equal 1.5%-2% of the sale price, so they would earn more if your house is a costlier one. At present, selling a property using the services of an estate agent cost three and a half times more than in 1995, when the average price of a house stood at £68,713. As of last year, properties had an average sold price of £246,731.
If you’re looking to sell your property and want to avoid hefty fees, contact our friendly team here at eMoov today.