House prices driving agency fees up as moving costs hit record highs

Estate agent fees continue to make up the largest moving costs due to ever-increasing house prices rather than firms hiking their commissions.

Research by removals comparison website reallymoving.com found the cost of moving home has hit record levels of £7,356.

The researchers claim 44% of the total cost is made up of estate agent fees at 1.2%, representing £3,254 based on an average property price of £225,956.

Reallymoving.com said that while fees may have fallen in terms of percentages, the increase in house prices is keeping the actual amounts high.

The second biggest moving cost is Stamp Duty at £2,019 on average.

The research also looked at how moving costs differ to a decade ago, finding they have increased 10% since 2007.

Estate agent fees have only increased by 4% over the same period based on average prices in 2007 and 2017.

Rob Houghton, chief executive of Reallymoving.com, said: “Increases in fees for services and, in particular, for Stamp Duty has seen total cost of moving rise to the point where a single move costs nearly a third of the median annual salary.

“While there is no simple fix, there are a number of measures that consumers can take to manage the condition. Buyers can reduce the cost by shopping around, using well-priced and well-reviewed conveyancers, surveyors, removers and estate agents.”

2007

2017

% change

Conveyancing Disbursements & Expenses Sale

£48

£74

54%

Conveyancing Disbursements & Expenses Purchase

£245

£336

37%

Conveyancing Fees Sale

£264

£376

42%

Conveyancing Fees Purchase

£264

£363

38%

Survey – Homebuyer Report

£347

£399

15%

Removals

£470

£480

2%

EPC

£116

£55

-53%

Stamp Duty

£1,814

£2,019

11%

Estate Agent Fees

£3,117

£3,254

4%

Total Cost of Moving

£6,685

£7,356

10%

Median House Price

£181,364

£225,956

25%

Inflation – Consumer Price Index (CPI) with 2007 as base

29%

x

Email the story to a friend!



One Comment

  1. surrey1

    Stamp duty dwarfs Agent’s fees in my marketplace.

    Report
X

You must be logged in to report this comment!

Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.