Each year 1.8 million homes are marketed for sale in the UK and most, around 95%, are listed via estate agents. That’s about 10% of all the privately owned housing stock. Last year, 1.23 million housing transaction were recorded by the Office of National Statistics and therefore 2 out of 3 of those homes listed actually sold. Total value? £350 billion.
According to research from My Home Move, one of the country’s volume conveyancing firms, the typical estate agent charges 1.3% plus VAT, which means that in total, the country’s 25,000 estate agency branches bag £5.5 BILLION from home sellers annually.
It’s a sector that consumers love to hate, perceiving it as poor value and representing bad service, apathy and dishonesty. But, given their pivotal position in the moving process and their unique access to buyers via the likes of Rightmove and Zoopla, most sellers will nonetheless turn to them when thinking about putting a property onto the market.