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Estate Agencies Taking Advantage of Desperate Sellers

Due to falling profits, greedy estate agents have been charging desperate fees as high as £7,000 to sell their homes.

Sometimes, a homeowner needs to sell their home fast, and if the need to secure a sale overrides the need to profit from the home in question, they can inadvertently open themselves up to a world of manipulation by their high-street agent.

New figures released by online platform OkayLah discovered this month that in 29 areas of the UK, agencies are charging an average of £6,804 to list a seller’s home – despite the fact that the property industry is in the middle of a massive slowdown.

At present of course, the highest fees are seen in the south. However, with lower numbers of total sales due to the relocation of firms from the capital to the EU mainland as a result of Brexit, it is actually those areas surrounding London in the south-east that have paid the most in fees, including Windsor and Maidenhead.

For those in the north-west, the story couldn’t be more different, with huge investments from large British companies such as the BBC over the last few years combined with an increase in popularity from those who are drawn to cities such as Manchester and Liverpool, both housing values and sales appear to be defying the critics.

“Slower market conditions and a drop in buyer demand has not only impacted the asking price of the nation’s sellers, but estate agents have also had to readjust their expectations due to dwindling stock levels and competition from fixed fee agents,” said Paul Telford, founder of OkayLah.

“That said, this research demonstrates the vast amounts of money that some agents are still making due to the high cost of property in some areas of England, regardless of whether or not the buyer has taken the brunt of Brexit market uncertainty and lowered their asking price.”

Many experts are now advising sellers to pick their estate agents based on their flat fee charges as opposed to percentage-based fees so they can budget accordingly. While this may appear more expensive at the outset, it may serve as sound financial advice once the final sold house price is finalised.

For vendors, it is undoubtedly a very difficult time to consider selling but for many it is unavoidable and the prospects of having the profit they could make from their home re-directed towards their agents’ coffers is sure to be a hard pill to swallow. But it is important that they remember that they do not necessarily have to deal with an estate agent if they need to sell fast – as they can always contact National Homebuyers who can offer numerous financial incentives without the extortionate fees charged by competitors on the high street.

Worried about estate agency fees? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.

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