Agents ‘have earned £303.6m in commissions so far this year’, claims online firm

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Home sellers have spent £303.6m on high street agent commissions so far this year, research claims.

Analysis from online agent eMoov looked at Land Registry records for all properties sold since January and applied an average high street agency charge of 1.3% plus VAT.

The research claims that so far in 2017, £26bn worth of property has already been sold, equating to £303.6m in high-street commission.

The higher price of London properties meant the capital has seen the largest amount of fees paid at £70.1m.

The south and east of England made up most of the top ten, with fees of £13.3m in Surrey, £10.2m in Essex and £9.4m in Kent.

Greater Manchester is home to the fifth highest amount at £9m, with Hampshire at £8.9m, the west midlands at £7.4m, West Yorkshire at £6.7m and West Sussex at £6.3m.

Russell Quirk, founder of eMoov, said: “This research demonstrates the eye-watering amount of money that’s still being paid due to the outdated practice of charging based on a property’s value.

“The only silver lining to this research is that in years gone by, this figure would have been a lot higher.

“Although the online and hybrid sector still only accounts for 5.51% of the market, it still represents a considerable saving and one that is only set to keep increasing as we take more market share.”

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Written by: Houseladder