Hybrid agency Emoov has released research in which it claims consumers rank high street estate agency commission fees as the second biggest 'daylight robbery' in this day and age.
The agency commissioned a survey of 1,006 owners who have sold a house, which was carried out online by Research Without Barriers.
The study presented participants with a number of 'everyday charges' and asked them to rank them based on how strongly they felt the term daylight robbery (defined as blatant and unfair overcharging) applied to them.
Perhaps contrary to Emoov's expectations, paying £14 for a glass of wine in a trendy bar was ranked as the biggest 'daylight robbery'.
This was followed by agents' fees, which were defined as 'paying a high-street estate agent on average £4,000 in commission to sell your home'.
The other 'daylight robberies' ranked by the consumers were, in the following order:
- having a 12.5% service charge added to a bill in a restaurant;
- paying £1,500 for the average veterinary bill;
- pay £60 for a filling at the dentist;
- chocolate bars costing three times as much or having their size reduced for the same price;
- the average UK house price of £228,384;
- paying £2.50 to drive through a toll road or crossing.
"It goes to show that as a nation of aspiring homeowners, even the current level of house prices isn’t enough to class buying a house as daylight robbery, but the cost of selling that house via a traditional agent is the second highest ranking," comments Russell Quirk, Emoov's founder and chief executive.
"It makes sense as the average 1.3% commission charged by high street estate agents is by far the largest example of daylight robbery in terms of the actual monetary sum and it also demonstrates a sign of the times and a change in the consumer mentality across the UK property market."
"We’ve seen the industry evolve and like many sectors, technology has allowed estate agents to reduced overheads and increased service levels, passing the savings back on to sellers, so the idea of still paying thousands for nothing more than the upkeep of a traditional agent’s high street office is pretty ridiculous,” says Quirk.