The cost of selling your home can vary by more than £7,000 depending on where you live, it has been revealed. As the country experiences a boom in house prices, the cost of selling has also increased too. Estate agent fees can range from more than £1,000 to more than £8,000- all depending on which part of the country you are in.
Where are the most expensive and cheapest places to sell a house?
Unsurprisingly, London tops the list as the most expensive place to sell a home. The average house price in the capital stands at £525,893, with estate agent fees at 1.7%. This means the average estate agent fee is £8,940. The cheapest city in which to sell your home is Glasgow, where the average estate agent fee stands at £1,783. Other high rankers include Cambridge and Oxford, which placed second and third with average estate agent fees of £5,426 and £4,711. Birmingham was seventh on the list of 20 cities with an average selling fee of £2,928. Meanwhile, Manchester was in the bottom half of the table, along with Liverpool, Newcastle and Nottingham. The average house price in Manchester is £203,835 and the average estate agent fee stands at 1.3% or £2,650. Portsmouth and Leicester were in the middle of the pack with average estate agent fees of £2,731 and £2,684.
What does this mean for homeowners?
The rise in house prices is good news for homeowners, especially those who are looking to sell. But it also means the cost of selling a home is higher too. Buyers need to factor in rising estate agent costs as well as conveyancing and other expenditures. According to the HomeOwners Alliance, conveyancing can cost between £850 and £1,500.
Someone buying in Manchester, for example, will need to factor in conveyancer fees, removals costs, a home buyers survey Manchester estate agent fees and other expenses. If you do decide to move and require a home buyers survey Manchester is home to professionals who will assist with this. The cost of a home buyers survey Manchester or elsewhere is said to start at around £400.
Experts advise that anyone looking to move should shop around to see what rate estate agents are charging in their area so they know exactly how much they will pay if a sale goes ahead.