Sellers in these UK cities pay the most in estate agency fees
Selling a house can be more costly than you might expect.
Research by online estate agent Strike has found that three in five UK house sellers pay unexpectedly large estate agency fees, with over a third being charged a lot more than they initially budget for.
Areas of the UK which pay the largest estate agency fees
Analysis found that, over the last decade, the average price paid by UK sellers to estate agents was £4,779, but many pay far more, with more than one in 10 (11 per cent) paying more than £10,000 in fees to move.
The study found that sellers in certain locations paid more to estate agencies than in others.
Sellers in London paid the highest fees in the UK by far, with an average of £6,573, which is more than twice as much as those in other major cities, such as Cardiff (£3,255), Manchester (£3,265) and Glasgow (£3,273).
Homeowners in Belfast were found to be the most likely to pay more than they expected (83 per cent).
These are the UK cities with the highest average estate agency fees:
- London - £6,573
- Birmingham - £5,622
- Southampton - £5,481
- Bristol - £5,316
- Belfast - £4,667
- Norwich - £4,338
- Liverpool - £4,221
- Edinburgh - £3,690
- Sheffield - £3,405
- Glasgow - £3,273
- Manchester - £3,265
- Cardiff - £3,255
- Newcastle - £3,167
- Leeds - £3,000
- Nottingham - £2,854
The research also found that millennials pay far higher estate agency fees than other age groups.
On average, 25 to 34 year olds are charged £6,421 when selling their home, with nearly a fifth (19 per cent) paying over £10,000. This is more than double the amount paid by other generations, with 55 to 64 year olds spending just £2,836.
Sam Mitchell, CEO at Strike, said, “Estate agent fees are often the most significant expense when moving house, especially with the current stamp duty relief, and it’s really interesting to see which factors affect how much people pay.”