THE £44,000 COST OF SELLING ON THE OPEN MARKET

[My Finances, Wednesday, 17 May 2006 11:27]: The cost of becoming tangled in a property chain when selling your home can come in at more than £44,000.

Research from National Homebuyers shows that the combined costs of estate agents, solicitors, and the 'opportunity cost' of what else you could have done with your time add up to far more than many people think.

When the fact the chain sales fall through one in three times is added in, sellers could find themselves some £44,575.39 out of pocket, National Homebuyers calculates.

"This research details the true cost of the inefficiency of selling your property in the open market," said David Harber, National Homebuyers communications director.

"One issue is that when deciding how to sell their house, few people account for the opportunity cost – the monetary value of their own time in that process.

"National Homebuyers encounter people every day . . . that have not factored the hidden costs as well as the fallibility of the chain."

The property purchase firm looked at the time taken and fees involved with someone on average UK salary selling an average UK home.

The company calculates that even without a chain break, the cost of selling a home the traditional way comes in at £21,243.05. If the chain breaks once this shoots up to £32,903.34 while the one person in nine that experiences two chain breaks while selling their home will effectively fork out £44,575.39.

The costs include estate agents fees of £6,170.22 for selling the average home, up to £1,300 on solicitors' fees, paying mortgages and council tax while the property is on the market (up to £2,726.27), surveys (£600), and work put in on cleaning and showing people around the home and garden.