Recent research from the estate agent comparison site,GetAgent, has analysed how a house price boom has affected the cost of selling a home across 20 major cities.
GetAgent looked at the average fee charged across 20 major cities and what this equates to based on the current average property price.
London remains on top
Despite a sluggish time for the London market, the capital still ranks at the top, where the highest fee to sell a home is concerned.
At 1.7%, London is not the city with the highest percentage fee, but with an average property price of £525,893, it also ranks first place in monetary terms at £8,940.
The second-highest cost to sell is found in Cambridge and Oxford, where despite only charging a 1.1% fee, estate agents take home £5,426 and £4,711 respectively due to the higher cost of property.
Bournemouth also sits within the top five, where the average agent earns £3,768 from the average fee of 1.2%, while the same percentage fee in Bristol equates to a cost of £3,690.
Most affordable cities to sell your home
At the opposite end of the table, Glasgow is currently the most affordable city to sell your home. A 1.1% fee charged on the average property price of £162,081 equates to just £1,783.
Bradford (£1,873), Newcastle (£1,957), Nottingham (£2,233) and Liverpool (£2,304) are also placed amongst the most affordable cities to sell in the current market.
Advice for home sellers
Founder and chief executive officer of GetAgent.co.uk, Colby Short, commented: “It’s a great time to be a homeowner, particularly if you’re thinking about selling up, as the likelihood is that the value of your home has climbed considerably over the last year to 18 months.”
Short continued: “Of course, it’s important to remember that this will also increase the fee you’re likely to pay when it comes to selling and this can range anywhere from a few thousand pounds, to nearly ten thousand, depending on where you live and the market value of your home.”
Short advised: “When looking to sell, it’s always important to shop around and see what each agent is charging in fees and then get a good idea of what this will equate to in pounds and pence when you do come to putting your home on the market.”
Location | Average agent fee % | Average house price | Average fee £ |
London | 1.7% | £525,893 | £8,940 |
Cambridge | 1.1% | £493,297 | £5,426 |
Oxford | 1.1% | £428,298 | £4,711 |
Bournemouth | 1.2% | £313,983 | £3,768 |
Bristol | 1.2% | £307,523 | £3,690 |
Edinburgh | 1.0% | £314,042 | £3,140 |
Birmingham | 1.4% | £209,176 | £2,928 |
Cardiff | 1.2% | £241,321 | £2,896 |
Leeds | 1.3% | £216,580 | £2,816 |
Portsmouth | 1.2% | £227,590 | £2,731 |
Leicester | 1.3% | £206,498 | £2,684 |
Southampton | 1.2% | £220,826 | £2,650 |
Manchester | 1.3% | £203,835 | £2,650 |
Plymouth | 1.3% | £197,944 | £2,573 |
Sheffield | 1.2% | £192,236 | £2,307 |
Liverpool | 1.4% | £164,550 | £2,304 |
Nottingham | 1.3% | £171,762 | £2,233 |
Newcastle | 1.1% | £177,877 | £1,957 |
Bradford | 1.2% | £156,076 | £1,873 |
Glasgow | 1.1% | £162,081 | £1,783 |
Average fee sourced from GetAgent.co.uk (Nov 2021) and applied to the latest UK House Price Index (Aug 2021) | |||
