Average selling costs rise to £5,413 in the UK, and up to £11,500 in the capital

In our most recent study, we used our ‘My Property Tracker’ tool to calculate the varying cost of selling a property up and down the country. Our innovative tool monitors these costs based on current property values.

Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “Despite wider economic instability the housing market has stood strong in recent months, with only a marginal decline in house prices to date. This means that as a seller you’ll hopefully end up with a healthy profit when you do come to sell, but you still need to budget for the cost required to transact which is currently over £5,000 on average.”

Our research revealed that on average, you’ll need to spend over £5,400 on the process of selling your home, and up to £11,500 in London. These numbers include the average estate agent fee, the cost of conveyancing, disbursements (additional solicitor costs), as well as the Energy Performance Certificate report, which outlines how efficient your property is.

Where do the costs come from?

At £4,400, estate agency fees account for 81% of the total upfront selling costs. That may seem like a steep number, but they actually sit below 2% of the house prices across every region of the UK, averaging at 1.52%.

Conveyancing makes up a further 14% of the selling costs, typically costing the seller £776. Disbursements and EPC costs account for the remaining 4%.

London takes the top spot as the most expensive place to sell

Quite unsurprisingly, London was revealed to be the most expensive place to sell your home. With a current average house price of £527,979, London home sellers need a significant budget for outlay when selling: £11,479, to be exact.

The average estate agent fee matches the expensive market, coming in at 1.95%, or £10,308 per sale. Conveyancers also charge more in London than other UK regions, coming in at £994.

That being said, it’s important to note the high percentage is skewed by a small number of prime transactions in the capital, where specialist agents will charge higher fees to service some of the wealthiest homeowners.

Nevertheless, London comfortably takes the top spot across the board when it comes to the cost of selling your home.

Higher house prices mean higher selling costs

Colby commented, “Typically the higher the house price the higher the costs will be, as most costs incurred are based on a percentage of your selling price and so you’ll need to come up with over £10,000 in London.

For homes in the South East regions, for example, the process costs an average of £7,100, corresponding to the second highest average house price at £391,400. For those selling homes in the natural beauty offered in the South West, you need to budget for selling costs of £6,108. This region continues the pattern, with houses priced at an average of £321,200.

Homes in lower priced areas are cheaper to sell because estate agent and legal fees are significantly lower. The North East is the cheapest region with an average house price of £161,000 and average selling cost of £3,300.

Scotland follows closely behind at £3,400 against a typical house price of £189,400, while the North West takes the next spot at £4,000 compared to an average house price of £215,600.

Quality estate agents are worth the investment

No matter where you’re based, the cost of selling your house may seem pricey, especially when it comes to the estate agent fees. But we’re here to tell you that it’s absolutely worth the investment. Colby continues,

“While the biggest outlay is the fee paid to your estate agent, it’s money well spent, particularly in the current market where finding a legitimate buyer and making it through to completion has become all the harder. When dealing with such an expensive asset, it makes perfect sense to get the best professional help possible and we’ve seen how opting for a low, fixed-fee agent can backfire when it comes to price achieved and the quality of service provided.”

The same can be said for quality conveyancers,

“Similarly when exchanging contracts if you use a quality conveyancer it can be the difference between securing a pain-free sale and being stressed out for months, so it’s not something to skimp out on.”

As well as our useful My Property Tracker Tool, we offer a free, easy-to-use, data-driven estate agent comparison tool to help homeowners find estate agents that meet their specific needs. If you’re thinking about selling your home, finding the right estate agent is essential for a quick and easy sale. Check out our innovative tool here.

Data tables

Data tables and sources can be viewed online, here.