A significant undertaking that comes with its own set of costs
The journey to selling your home in Britain has an average price of £5,413. This latest figure is primarily driven by estate agency fees, which comprise 81% of the total cost, approximately £4,400. Another significant amount comes from conveyancing, accounting for 14% and costing sellers around £776.
The remaining costs are split between disbursements and Energy Performance Certificates (EPCs). Despite the estate agent fees, they only account for less than 2% of the house price across all regions in Great Britain, averaging at 1.52%. This might seem steep for potential sellers, but it’s a necessary investment in the current housing market.
MOST EXPENSIVE CITY TO SELL A PROPERTY
London, unsurprisingly, is the most expensive city to sell a property, with an average outlay of £11,479. With housing prices averaging £527,979, the estate agent fees can reach up to £10,308. Although this may seem high, it’s important to consider that this figure may be influenced by the capital’s prime transactions, where specialist agents charge higher fees to cater to wealthier homeowners. Conveyancers also charge more in London, with fees reaching up to £994.
REGIONS OUTSIDE THE CAPITAL
Selling in regions outside the capital, like the South East (£7,100) and the South West (£6,108), which have high house prices, will also require a larger budget for sellers. These regions boast some of the most sought after areas of natural beauty, which naturally drives up the cost of houses. If you’re looking for cheaper selling costs, consider regions like the North East (£3,300), Scotland (£3,400) and the North West (£4,000). These regions have more affordable house prices, leading to lower selling costs.
PROPERTY MARKET HAS PROVEN RESILIENT
Despite the current economic instability, the property market has proven resilient, with only a slight dip in house prices. This stability indicates that sellers can still expect a profit but should be prepared for average transaction costs, currently over £5,000.
While cutting costs by opting for cheaper estate agents or conveyancers may seem tempting, remember that you’re dealing with a significant asset. A quality estate agent or conveyancer can distinguish between a smooth sale and months of stress.
INVESTING IN PROFESSIONAL HELP
Selling your home is a significant undertaking that comes with its own set of costs. By understanding these costs and investing in professional help, you can navigate this process with less stress and more confidence.
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Your home may be repossessed if you do not keep up with repayments.
Source data: [1] GetAgent.co.uk 14/09/23.
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