The average estate agency commission rate in the UK has increased by 0.26% to 1.51% over the past 12 months, estate agency comparison website GetAgent has claimed.
This means someone selling a property at the average house price in the UK will pay £4,154 to sell their home, £750 more than last year.
The research also reveals how much commission rates vary across the UK from as low as 0.83 in Hambleton in North Yorkshire to 2.32% in Kensington & Chelsea, where selling a home costs on average approximately £25,000.
But GetAgent admits that commissions have been gradually reducing in recent years, and that not that long ago 3.5% ‘used to be the norm’.
Greater London has 15 of the highest commission rates in the UK, as might be expected, but there are some less-expected hotbeds of high commission rates including Blaenau Gwent (2.14%), West Devon (1.95%), Middlesbrough (1.94%), Breckland (1.9%), Medway (1.88%) and Neath Port Talbot (1.87%).
And the areas with the largest increases in agent commission are South Ayrshire (+0.58%), Rugby (+0.57%), Hartlepool (+0.52%) and Hart (+0.52%).
“With the market starting to pick up after months on end of Brexit uncertainty, exacerbated by a total pandemic lockdown, it’s only natural that fees will also see a slight lift, particularly given the financial turmoil some agents may now be in,” says Colby Short, CEO of GetAgent.
“Vendors are also starting to realise the vital role estate agents play in the property selling process and, given the tougher market conditions, they will probably find their fees much better value for money than they may have previously.”