Research by comparison website Netanagent claims the commission paid to estate agents in London could be over £70,000 depending on where the transaction is.
The research claims that London has the highest traditional estate agent fees in the country at 1.70 per cent on average, some 0.6 per cent above the national norm.
It crowns Kensington as the capital’s most expensive area to sell property, costing vendors £50,696 more than if they were to sell a similar property in Fulham - that’s a 16-minute tube journey away.
In germs of average commission, west London is higher than the rest of the capital claims Netanagent - it averages 1.96 per cent.
The analysis is based on HM Land Registry data about properties sold in boroughs over the last year, and finds that Lambeth is the cheapest on average at £8,239.90 with commission typically at 1.53 per cent.
The new figures also reveal that fees charged by traditional agents have fallen across the UK property landscape since 2016 with the exception of more specialist agents selling properties in higher value areas.
“This change could be linked to high street agents reducing fees to compete with online and hybrid agents despite an average increase of 37 per cent in online fees in the last two years” says Netanagent.
The website’s chief executive, Alex Thorpe, says: “It’s no surprise that, over the last few years, traditional agents have increasingly brought fees down to compete with online and hybrid agents.
“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. We provide a level playing field for both traditional and online agents, so sellers can find the best option for them.”
These are the cheapest areas in London to sell property:
1. Lambeth - £8,239.90 (agent fees 1.53%)
2. Hackney - £8,402.94 (agent fees 1.49%)
3. Wandsworth - £10, 671.25 (agent fees 1.43%)
4. Islington - £11,243.47 (agent fees 1.36%)
5. Southwark - £11,514.58 (agent fees 1.32%)
6. Hammersmith - £16,163.09 (agent fees 1.75%)
These are the most expensive areas in London to sell property:
1. Kensington - £71,986.40 (agent fees 2.04%)
2. Chelsea - £63,561.95 (agent fees 2.30%)
3. Notting Hill - £43,309.82 (agent fees 1.89%)
4. Hampstead - £29,755.90 (agent fees 1.90%)
5. Fulham – £21,290 (agent fees 1.90%)
6. Camden - £18,623.39 (agent fees 1.66%)
Netanagent says the average cost of moving home, using a traditional agent, in London based on these stats is £26,230.15p.