The Daily Mail has prominently clarified its claim that estate agents average 1.8% in commission fee, after an EYE reader objected.
Yesterday’s page 2 clarification said: “An article in Money Mail on August 16 cited research which stated that average estate agents’ fees are 1.8pc. We are happy to clarify that this figure has been challenged on the basis that fees can range from 1pc sources consider the average to be closer to 1.3pc.”
The Mail story had claimed that estate agents’ fees were the biggest single barrier to downsizing.
EYE reported this and one of our readers complained – effectively – to the Mail’s people’s editor.
The clarification by the Mail effectively means – or should mean – that fixed price agents will not be able to claim that they are saving vendors, based on an average high street fee of 1.8%.
http://www.dailymail.co.uk/home/article-4814470/Clarifications-corrections.html#ixzz4qbUSHQHZ ”
Comments (1)
In the real world I have been providing a sales service for 1% (NO VAT) for a number of years (2011 onwards). As we’ve all been pushed to our knees by Government legislation, I’ve offered a fixed rate of £1,500 (NO VAT) for several months now. My sales agents have not only provided complete assistance to the point of completion but in the instance a party in a chain have used Purple Bricks, we’ve assisted with the sale of their clients properties just to ensure the entire chain completes (Should High Street agents be charging clients of Purple Bricks/Online Only Agents?). I’m sure we are not the only ones.
To suggest the agents fee is a barrier… I can only speak of my region in Dorset. The Government introduced the stamp duty change and the sales market for property over say £750,000 all but dissapeared (There are numerous high end homes available in Sandbanks etc). The stamp duty change also decreased the number of buy-to-let investors. The Government introduced the CIL taxation, which has lead to potential building sites to become unprofitable and left undeveloped. The Government removed various financial incentives for landlords causing a percentage to sell off their stock and invest their money elseware. Finally the Governement continue to sell Council homes without replacing (Like for like), only increasing the demand to the private rental sector.
To date, I’ve not had one applicant that has suggested they won’t sell because of the agent’s fee!
Next… The Governments forthcoming ban on fees to tenants.