The average fee paid by sellers to high street estate agents in the past year is £4,055 claims Purplebricks – an increase of eight per cent, significantly above inflation, reports Estate Agent Today.
The claim is made through a new phase of Purplebricks’ Commisery campaign which has been launched and involves TV property presenter Amanda Lamb.
The hybrid agency says the £4,055 figure comes from analysis of Land Registry data and In high-priced areas such as London, the commission paid has almost hit £11,000.
“This campaign will open people’s eyes to commisery – the misery you feel when you’ve forked out thousands on commission and haven’t got anything more for your money” says Lamb.
“Research shows that 95 per cent of people don’t realise exactly what they are paying in commission, until the bill hits and this needs to change. It is virtual money because it isn’t paid up front and in some ways the amount is hidden until the last moment. Factoring in VAT is something people forget to do as well, so what starts as a low percentage on paper adds up into a considerable sum in commission paid” she adds.