Yahoo Finance UK property: Three in five house sellers stung by unexpectedly large estate agency fees
The majority of UK homeowners are unprepared for large estate agency fees when selling a property, a new study has revealed.
Some 58% of sellers have paid more than expected in the past decade, according to a study by online estate agent Strike.
And more than a third were charged significantly higher fees than they had budgeted for.
The figures are higher for those who sold their homes recently, with 62% hit by unexpected charges in 2019, compared to just 48% in 2010.
This trend correlates with an increase in prices over the same period, with fees rising by 42% from £3,035 (£3,995) in 2010 to £4,319 last year due to the rise in house prices.
Over the last decade, the average price paid by UK sellers to estate agents was £4,779, with one in ten Brits paying over £10,000 to move.
Millennials pay far higher estate agency fees than other age groups with nearly a fifth paying over £10,000. This is more than double the amount paid by other generations, with those age 55 to 64 spending just £2,836.
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Gender is another factor, with men paying 19% more than women. Male sellers pay an average of £5,226 to sell their home - £820 more than women.
The cities with the largest estate agency fees are:
London - £6,573
Birmingham - £5,622
Southampton - £5,481
Bristol - £5,316
Belfast - £4,667
Norwich - £4,338
Liverpool - £4,221
Edinburgh - £3,690
Sheffield - £3,405
Glasgow - £3,273
Manchester - £3,265
Cardiff - £3,255
Newcastle - £3,167
Leeds - £3,000
Nottingham - £2,854
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And some 44% of UK sellers were unhappy with the service provided by their estate agent with dissatisfaction greatest in Belfast, standing at 58%.
Sam Mitchell, CEO at Strike, said: “Estate agent fees are often the most significant expense when moving house, especially with the current stamp duty relief, and it’s really interesting to see which factors affect how much people pay."
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