A new analysis of the cost-of-moving suggests that the typical seller will incur expenses of £5,867 – and that rises hugely to £12,042 in London.
The largest expense is the estate agent fee; as a function of the sale price, this has inevitably risen as prices have.
Across the nation, the average fee currently stands at 1.54% which, based on the current average house price of £293,976, comes to £4,527.
Conveyancing is the second-largest cost coming in at a national average of £1,000, followed by a further £250 for disbursements.
Finally, there’s the additional cost of £90 to pay for an Energy Performance Certificate (EPC)
If you’re selling in London, the average cost of selling your home more than doubles to hit £12,042. This increase is partly down to agents taking a larger average fee of 1.99% against the capital’s highest average house price of £517,726, which comes out at £10,312.
Conveyancing is also more expensive in London, averaging £1,390, while the expected cost of disbursements and an EPC remain constant across all regions.
London is followed by the South East where sellers pay an average of £7,192, while the South West (£6,505), East of England (£6,316), and West Midlands (£4,936) round off five most expensive selling regions.
The most affordable place to sell a home is the North East which has, by quite some distance, the lowest average house price in the nation (£154,948). This means agent fees cost just £2,270. Conveyancing costs are also the lowest in the country (£880) which means the cost of selling your home comes in at £3,490, almost four-times cheaper than the capital city.
The figures have been amassed by online agency Yopa whose chief executive, Verona Frankish, comments: “While homeowners have generally benefited from a consistently strong level of house price growth in recent years, the cost of selling has also increased due to the fact that, in most cases, estate agent fees are directly linked to the value of a property.”
