New data has found that it costs British home sellers an average of £21,721 to sell their home in current market conditions.
The research by the estate agent comparison website GetAgent.co.uk takes a look at the most expensive areas to sell homes.
GetAgent.co.uk examined the current cost of selling across the UK based on the average estate agent fee on the average price achieved in each location. However, as Brexit has caused homeowners to sell their property for below asking price, the research also takes into consideration the depreciation in property values between the asking and sold price due to the prevailing political uncertainty.
Westminster is the most expensive area for current sale as sellers are achieving just 90.9% of asking price, in addition to the average agent fee of 1.8%, costing sellers in this area £334,874 to sell now.
This is followed by Kensington and Chelsea with a cost of £210,521, and Camden at £144,439.
In contrast, Sheffield is the most affordable market costing only £5,385, the research shows.
“Finding a good agent has always been about the optimum balance of achieving a good price and the fee they will charge to do so and one of the hang ups of the online sector in particular, has been that while you pay a low upfront fee, you also secure a far lower price, making it more expensive all in all,” Founder and CEO of GetAgent.co.uk, Colby Short, commented on the research.
“In any market, home sellers always tend to be over optimistic in their asking price expectations and so achieving below this benchmark isn’t just Brexit related, however, at the moment we’re seeing many have to accept as much as an eight to ten percent reduction in order to secure a sale which is far from normal,” the Founder and CEO continued.
“All things considered, selling your home in the current market can be an expensive and drawn out endeavour and ensuring you instruct the best agent, at the best price, is the best way to maximise your property’s profitability.”