Estate agents across UK charge an average 1.2%, says comparison site

Estate agents across the UK are charging an average fee of 1.2%, equating to commission of £3,846. The figures here and in the rest of this story all exclude VAT.

In London, the average estate agency fee is 1.4%, netting £8,646.

Estate agency comparison site GetAgent says the most expensive average fee is charged by agents in east Ayrshire.

However, even though they are charging 2.9%, on the average house price of £89,729 this nets them just £2,646.

Interestingly, the lowest fees in the UK – 0.6% – are also charged in Scotland, including postcodes in east Ayrshire.

High average fees are charged in postcodes CT11 and CT12 in Thanet, Kent, at 2.4% and 2.3%.

In certain postcodes in north-east Lincolnshire, Newham in east London, Middlesbrough and Liverpool agents charge 2% and 2.1%.

Agents in the affluent London borough of Kensington & Chelsea charge 2% – bringing in an average fee of somewhere between about £22,000 and £36,500.

In the home counties, average fees reach as high as 1.6% in the postcode KT11, in Elmbridge.

Colby Short, founder and CEO of GetAgent, said: “A mixture of competition from online and hybrid agencies and a Brexit inspired market slowdown has seen many traditional agents lower the levels of commission they are charging UK home owners in order to remain competitive.

“Of course, the actual money paid is all relative to the area and the price at which you sell and therefore 1.4% commission in London will set you back a great deal more than the same charge in Scotland.

“The difference is quite dramatic and even between the largest fees paid in the capital compared to those outside of it, there is a gulf of some £20,000.

“That said, if the rapid rise and fall of the online model has taught us anything, it’s that you really do get what you pay for.

“A number of high profile company collapses and nightmare stories from customers have made home sellers realise that the high street agent, the service they provide, and the cost of selling via the traditional model is much better value for money than previously thought.”

Ranking – by highest average fee % – UK
Postcode Average fee % Local Authority Average Price Average Fee (£)
KA16 2.9 East Ayrshire £89,720 £2,645.84
CT11 2.4 Thanet £236,124 £5,754.34
CT12 2.3 Thanet £236,124 £5,317.51
DN31 2.1 North East Lincolnshire £123,905 £2,657.76
E20 2.1 Newham £371,772 £7,862.98
TS3 2.1 Middlesbrough £110,740 £2,286.78
CT9 2.1 Thanet £236,124 £4,859.43
L4 2.1 Liverpool £126,458 £2,593.66
SW10 2.0 Kensington and Chelsea £1,250,926 £25,581.44
SW5 2.0 Kensington and Chelsea £1,250,926 £25,556.42

 

Ranking – by highest average fee £ – INSIDE LONDON
Postcode Average fee % Location Average Price (by outcode) Average Fee (£)
SW7 1.9 Kensington and Chelsea £1,932,329 £36,540
SW3 2.0 Kensington and Chelsea £1,739,328 £35,343
W1 1.9 Westminster £1,823,355 £34,844
W8 1.9 Kensington and Chelsea £1,782,290 £34,238
WC2 1.8 Westminster, Camden, City of London £1,846,786 £33,741
SW1 1.9 Westminster, Kensington and Chelsea £1,366,724 £25,708
SW10 2.0 Kensington and Chelsea £1,184,680 £24,227
W11 1.9 Kensington and Chelsea £1,170,364 £22,600
SW5 2.0 Kensington and Chelsea £1,071,548 £21,892
NW8 1.6 Westminster £1,296,160 £21,296

 

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7 Comments

  1. JonnyBanana43

    Fees will only keep rising. Agents are starting to realise they can’t operate for 1%. No money in it. No profit, but plenty of stock. RM fees eating our profit!

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  2. bren_gun

    Not sure if this is representative but in our area agents add 0.25% to their fee on getagent to account for their commission so these results are probably skewed to reflect this.

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  3. smile please

    Any agent encouraging third parties like getagent offering a commission split deserve to go out of business.

    These properties will come to the market with ir without the leeches. Dont give more of our market away.

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  4. ajl12no

    Founder and CEO of GetAgent has stopped “short” of revealing that the UK is still the cheapest place to sell property in the world, not counting pointless places.[LINK REMOVED – PROPERTY INDUSTRY EYE TERMS & CONDITIONS #6. Users posting comments on the site may not post direct hyperlinks to other websites]
    Other countries
    Argentina: 3.0 per cent to 10 per cent;
    Denmark: 4.0 per cent or higher;
    France: 6.0 per cent or higher;
    Ireland: 3.0 per cent or higher;
    Mexico: 4.0 per cent;
    Netherlands: 4.0 per cent or higher;
    Poland: 2.5 per cent of higher;
    Portugal: 2.5 per cent or higher;
    Russia: 2.0 per cent to 5.0 per cent;
    Sweden: 4.0 per cent or higher;
    United Arab Emirates (Dubai): 3.0 per cent.

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  5. stuw08

    What a load of rubbish, how do these idiots get given the opportunity to publish such drivel?

    I carried out a survey this morning and 100% of the people I spoke to have never heard of GetAgent. This must therefore prove without a doubt that GetAgent are irrelevant to the English public. Here are the results of my survey –

    Q, Have you heard of GetAGent?

    Dave from Liverpool – ‘No, I’ve not heard of them mate, Anyway, how’s the family?’

    John from London – ‘Who?’

    Hollie from Southampton – ‘No, but I’ve just woken up, can I call you later?’

    There you go 3/3 = 100%. Conclusive.

     

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  6. AJL20

    And to think that GetAgent takes 0.25% of the sale price? If an agent is charging, say, 1.25% GetAgent takes 20%. What is also concerning is that GetAgent is the comparison site of choice for Which? (the independent consumer champion whose own mantra states that they “strive to provide best value” for consumers.) Clearly they deem the increase in he published agents fees to accommodate the referral fee to be commensurate with the ‘value’ their loyal customers receive. The fact that they could buy the same service for the same price from the same agent for a lesser fee conveniently escapes them.

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  7. Dodgylyric80

    Get Agent = Parasites

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