EA % for selling around London?

ANGLICANPAT · 1 February 2016 at 11:39PM

In parts of the NW, the High St EA's cut from a sale is .75% to 1% and the dearer ones will usually negotiate . Im curious, what is the average % asked in London for selling property ?. Does it vary much from North to South London? The couple of EA websites Ive just looked at , dont appear to have their % written anywhere .

Generali · 1 February 2016 at 11:55PM

ISTR I paid 0.5% about 12 years ago with one of the chains in Bromley. They were terrible but that's EAs for you. Buyer was a flake as well.

eddddy · 2 February 2016 at 12:01AM

ANGLICANPAT wrote: »

The couple of EA websites Ive just looked at , dont appear to have their % written anywhere .

Typically, most London EAs will want to meet you at your property before discussing fees.

They will have a % printed on their contract, but a lot of EAs (but not all) will try to decide how much they think they can persuade you to pay them - and make that their quote.

padington · 2 February 2016 at 10:07AM

Foxtons offered me a non negotiable 2.5%. I ushered them out of the door pretty fast.

ANGLICANPAT · 2 February 2016 at 11:08AM

Wow, they must be doing alright to hold out for that! They cover lots of London areas though dont they. I wonder if the smaller local ones will negotiate more (maybe with the hint of Tepilo over them ) I dont get why London agents need to ask for a much greater % than the regions, because if the regions do ok on 1% of say £200k, for finding a buyer and hopefully doing the negotiating, then why would the same service in Holloway or somewhere deserve 3% on £699k? Surely London weightings in business property costs/wages dont justify more than a half a % more?

olimain · 2 February 2016 at 11:17AM

1.5% +VAT seems pretty standard in London, with a bit of haggling some will go to 1.25

[Deleted User] · 2 February 2016 at 11:18AM

I took a note from a book called freakonomics - i got our EA to accept a sliding %age - where a high sale value increased the commission. A low %age does not encourage them to get you a high price, just encourages them to flog it as quick as possible.

There's plenty of firms that'll now accept 1% (+VAT). I think we paid them 1.25% on our last sale a few years ago.

economic · 2 February 2016 at 11:20AM

foxtons charge higher for a reason - they do get the job done in my experience. they have the most offices around London so you stand a higher chance of getting a good offer sooner.

movilogo · 2 February 2016 at 12:19PM

If you are able to show property yourself to buyers, go for online EA. Far cheaper compared to high st EAs.

Samsonite1 · 2 February 2016 at 12:45PM

I put my house on the market last year and all estate agents in this borough (Bromley) were charging 1% by default, but they could be negotiated down.