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TODAY'S OTHER NEWS

Estate agent fees up 61% in a decade

Typical estate agency fees have risen 61 per cent in the past decade although average house prices have increased by a more modest 39 per cent.

That's the conclusion of a study by the Centre for Economic and Business Research and Post Office Money. 

These higher charges contribute to the 60 per cent increase in the cost of moving home since 2004, even though the cost of living over the same period has risen by 29.4 per cent.

The study found that the cost of moving home has risen from £7,475 at the end of 2004 to £11.984 at the end of last year. These expenses increased by 20 per cent in the last year alone.

The survey suggests that 84 per cent of prospective movers - whether first time buyers or existing owner occupiers - under-estimate the cost.

The breakdown of costs found by the survey are:

Stamp Duty:

2004: £1,950

2014: £3,620

87% increase

Estate Agent:

2004: £3,229

2014: £5,214

61% increase

Surveyor:

2004: £402

2014: £607

51% increase

Conveyancing:

2004: £1,039

2014: £1,419

37% increase

Removals:

2004: £855

2014: £1,034

21% increase

Total:

2004: £7,475

2014: £11,894

58% increase

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