Agency fees remain one of the largest property transaction costs – at 1%
Estate agency fees continued to be one of the largest property transaction costs last year despite agents not having put their charges up. For a second year running, they are at an average of 1%.
Analysis by removals and conveyancing comparison website Reallymoving.com – based on user and market data – claims sellers paid agents 1% plus VAT in 2018, so 1.2% overall. This was flat on 2017.
However, rising Stamp Duty, conveyancing and survey charges pushed up the total cost of moving home by 6% between 2017 and 2018, to a record high of £9,812 – equal to one third of the median UK salary of £29,588.
The website found that home movers now pay on average £4,500 in Stamp Duty, an annual increase of 11%.
Average conveyancing costs in 2018 were £1,497 versus £1,417 in 2017, while surveying costs were up by just 1% to £400.
Estate agent fees typically cost £2,880 based on a rate of 1% plus VAT, while an Energy Performance Certificate cost £55, according to the research.
First-time buyers have been boosted, though, thanks to the Stamp Duty exemption up to £300,000 and saw the costs associated with buying their first home plummet by 29% in 2018 to £1,809.
Source: Property Industry Eye
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