Postcode lottery in estate agent’s fees

Extract from Redwood Financial’s Property Review November 2019

New research from Get Agent, the online estate agent comparison site, has found that selling your home through a high street estate agent can vary by as much as 261%, depending on your postcode. 

The researchers analysed data from over 40,000 branches, listing properties in more than 2,400 postcode areas and found that the average fee (including VAT) in England and Wales was 1.53% and was as high as 3.07% in the most expensive areas. Postcode CT11 in Ramsgate, Kent was the most expensive, equating to a fee of £7,425, based on the average listing price of £241,849 in that area. At the other end of the scale, sellers in Benthall, Northumberland, which is postcode NE67, are typically charged 0.85%, which equates to £2,771 for an average property worth £326,000 listed in that area.

Since October 2016, all estate agents’ quotes should include VAT. Before this date, fees were quoted ‘plus VAT’.

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