Belfast estate agent fees set sellers back a staggering £4,667 on average
83% of Belfast sellers paid more than they had expected – the highest rate in the UK
58% of sellers in the city are unhappy with their estate agency service – the most unsatisfied in the UK
With house prices reaching record highs, it’s been revealed estate agent fees in Belfast are amongst the highest in the UK, at £4,667 on average.
One in six (17%) sellers in the city pay at least £5,000, while 8% pay £10,000 or more.
Furthermore, most property owners in the Northern Irish capital are unexpected for such large fees, with a staggering 83% saying they had to pay more than they had budgeted for – the highest rate in the UK.
Despite paying such high fees, nearly three in five (58%) of Belfast sellers are unhappy with the service provided by their estate agent. Once again, this figure is higher than that found in any other UK city.
A new study has revealed the majority of homeowners are unprepared for the large estate agency fees when selling a house, after they have risen by 42% over the last decade.
The research, conducted by free online estate agent, Strike, surveyed 1,000 people who have sold a house in the last decade and found that more than two in five (42%) sellers in Southampton had to pay more than they’d expected. Over a quarter (28%) were charged significantly higher fees than they had budgeted for.
With average house asking prices reaching record highs in October, these figures will continue to grow, as most agency fees are calculated by taking a percentage of the property’s value.
Over the past decade, the average price paid by UK sellers to estate agents is £4,779.
Interestingly, millennials pay far higher estate agency fees than other age groups. On average, 25-34 year olds are charged £6,421 when selling, with nearly a fifth (19%) paying over £10,000. This is more than double the amount paid by other generations, with 55-64s spending just £2,836.
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 (£4,406).
The most important variable, however, is location, with sellers in London paying by far the largest fees in the UK. With an average of £6,573, estate agencies in the English capital charge more than twice as much as those in other major cities, such as Cardiff (£3,255), Manchester (£3,265) and Glasgow (£3,273).
The UK 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
Despite such high fees, over a third (36%) of sellers in Southampton said they were unhappy with the service provided by their estate agents.
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.
“At Strike, we help people sell their homes for free, which saves them thousands of pounds, no matter where they live. With no estate agency fees, you have more money to spend on the things that really matter, like your new home.”
For expert advice on how to save money when selling your home, visit: https://strike.co.uk/latest-