Survey reveals agents secretive on fees

A new survey has reviled that only one agent in London disclosed its fees on its website. About 20% of agents refused to disclose their fees over the phone or via email. 

The survey, by estate agent comparison website ipostcode, looked at 250 agents’ fees across London and found that it is not necessarily in the most expensive postcodes where agents charge the highest fees. 

The majority of the London estate agencies surveyed quoted 1.5% commission, but 15% of agents quoted 1%. The highest commission level quoted was 2.5%. 

There were several postcode where commission levels spanned the range from 1%-2.5%, which means that on a property priced at the London average of £342,749 (according to latest Land Registry figures), the seller could be paying anything from £4,113 to £10,282 including VAT to sell the same home. 

One in four agents said that their fees are negotiable based on either a realistic valuation of the property or depending on the price range of the property.  

The survey also found that estate agent fees in London at an average of 1.7% are more or less in line with the national average of 1.8% – contrary to the perception that London estate agent fees are the highest in the country. 

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