High street agents’ fees vary from city to city, from a low of around 0.8% to a high of 1.7%, while online firms have risen hugely in the last two years.
According to estate agents comparison website NetAnAgent.com, high street agents in Leicester and Glasgow have the lowest average fees, while London has the highest average fees.
The table below shows the lowest and highest percentage fees, and what that on average works out to, based on Land Registry prices as at the second quarter of this year.
Some of the above stories are taken from Property Industry Eye, a leading online news resource for estate and letting agents. Landlordsandletting.co.uk is an information site. Seek independent legal advice before proceeding with any transaction. LandlordsandLetting is owned by Sureweb Ltd and acts as an introducer only. Rentguard policy conditions are always subject to Terms & Conditions of the relevant Rentguard Policy Document wording.©: Sureweb 2018
Highest traditional estate agent fees in the UK 1) London 1.70% (£10,877) 2) Sunderland 1.33% (£1,885) 3) Manchester 1.31% (£2,5,95) 4) Birmingham 1.25% (£2,568) 5) Leeds 1.18% (£2,444)
Lowest traditional estate agent fees in the UK 1) Glasgow and Leicester 0.84% (£1,042) and (£1,577) 2) Edinburgh 0.89% (£2,127) 3) Hull 0.91% (£1,086) 4) Bradford 0.94% (£1,555) 5) Liverpool and Bristol – 0.95% (£1,424) and (£2,852)
These statstics also reveal that, overall, traditional estate agent fees have fallen across the UK property landscape since 2016. Leicester saw the biggest reduction in fees going from 1.41% in 2016 to 0.89% in 2018, a drop of over 40%. However, an exception is specialist agents selling properties in high-value areas like N1 in London contributing to a hike of 45% (from 1.5% in 2016 to 2.18% in 2018) NetAnAgent.com CEO Alex Thorpe, said: “It’s no surprise that, over the last few years, traditional agents have increasingly brought fees down to compete with online and hybrid agents. “However, we have seen that high street agents have continued to evolve their service to justify the extra fees with more focus on service along with an emphasis on helping to manage the entire process from marketing to completion. “We provide a level playing field for both traditional and online agents, so sellers can find the best option for them.” The same research also shows online estate agents fees have increased 37% over the last two years.
Agents and landlords who state in their adverts that they will turn away housing benefits tenants could face legal action from one of the major lobbying groups.
It's understood that Shelter could be considering a class action on the grounds of discrimination. The listed estate and letting agency group said yesterday evening that it had become aware that Shelter had targeted one of its offices, posing as a prospective tenant on benefits. After being told by Shelter that it was breaking discrimination law, the group had taken legal advice. Counsel’s opinion was that a breach of discrimination law looks likely. The agent said it had also been advised by its legal team that landlords might have a defence that is not open to agents – that lenders and insurers do not allow letting to tenants on benefits.
All the above is subject to the Terms & Conditions of the Rentguard Policy Wording. Rentguard is authorised and regulated by the Financial Conduct Authority.
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Some of the above stories are taken from Property Industry Eye, a leading online news resource for estate and letting agents.
Landlordsandletting.co.uk is an information site. Seek independent legal advice before proceeding with any transaction. LandlordsandLetting is owned by Sureweb Ltd and acts as an introducer only. Rentguard policy conditions are always subject to Terms & Conditions of the relevant Rentguard Policy Document wording.©: Sureweb 2018