Traditional estate agent fees average just 1.1 per cent across the UK according to research from an agency comparison website - but some firms charge even less.
Netanagent - a website that allows consumers to compare agencies’ sales and lettings charges and claims to list 18,363 estate agents - has compiled a league table of cities where agents charge the highest and lowest fees for sellers.
Traditional agents’ fees in Glasgow and Leicester average just 0.84 per cent; then comes Edinburgh on 0.89 per cent and Hull with 0.91 per cent.
Bradford records 0.94 per cent while Liverpool and Bristol tie in next position with an average charge of just 0.95 per cent.
By contrast, the comparison website claims London with the highest rate of commission - an average 1.7 per cent - followed by Sunderland on 1.33 and Manchester on 1.31 per cent.
Then comes Birmingham on 1.25 per cent and Leeds on 1.18.
The site’s analysis also suggests that traditional agents’ fees have fallen since 2016.
Leicester saw the biggest drop - 1.41 in 2016 to 0.89 per cent today - although an exception is London’s N1 postcode where the average was 1.5 per cent commission in 2016 but is now apparently 2.18 per cent.
“It’s no surprise that, over the last few years, traditional agents have increasingly brought fees down to compete with online and hybrid agents” says the website’s chief executive Alex Thorpe.
“However, we have seen that high street agents have continued to evolve their service to justify the extra fees with more focus on service along with an emphasis on helping to manage the entire process from marketing to completion.”
Thorpe says online agents’ charges have, by contrast, risen 37 per cent on average over the past two years.
Earlier this week we exclusively reported separate research by TheAdvisory showing that the average sole agency fee for traditional High Street agents had fallen 34 per cent in the past seven years, and now stands at 1.18 per cent plus VAT.
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Ironically, by forcing fees down, onliners will find it increasingly difficult to win business as their “being cheaper” selling point fades away.
I remember going on a Valuation course last year and an agent from the East Coast claimed he was able to charge 3% commission...I've never seen such look of disbelief in a room before! (Followed by a lot of laughter)
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