A recent report has revealed that the average estate agency fee has fallen to 1% excluding VAT.
In the 2017 Home Moving Trends Survey, which was carried out for September’s EA Masters event, over 5,800 sellers were asked about fees – and the findings revealed that sellers are now paying less than ever for traditional estate agency service.
“In simple terms, you can break things down into three thirds,” explained Peter Knight, founder of the Property Academy. “One third pay more than 1%. One third pay less than 1%. And one third pay 1%. The average fee is now, as near as damn it, 1%.”
Knight continued on to say that this reduction in fees cannot continue “unless the industry is prepared to experience even greater levels of change than those of the last few years”.
The Property Academy will be sharing further insights from this survey and also two others, the 2017 Landlord Survey and 2017 Tenant Survey, at the EA Masters on 22nd September.
“In addition, we will also be revealing insights from our 30,000 mystery shops for the Best Estate Agent Guide and highlighting what it takes to be exceptional,” continued Knight, who believes that this reduction in fees is a worrying trend.
The survey also revealed that a third of home owners were selling for over £1m, while the majority (60%) were selling for £250,000 or less.