Average Cost To Sell A House
What is the average cost to sell a house? Find out below as we delve into all costs and fees associated with selling your home.
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Average Cost To Sell A House
If you are wondering what the total cost of selling a house is in England and Wales — you are in the right place! In this article we will delve into all things house selling and what the costs involved are.
What Is The Average Cost To Sell A House?
In the UK, selling a house can be pretty expensive; as of July 2022, the average cost of selling a home is £10,401 for the UK’s average at £292,000. The total selling price will vary depending on the estate agent’s commission, mortgage interest, solicitor fees and any additional services.
Please note that all houses will differ significantly and even if your selling price is £292,000, the costs may be more or less depending on your situation.
Average Costs To Sell A House
| Service | Costs |
|---|---|
| Estate Agent Fees | £2920 - £8760 (1-3% Of the Final Sale Price). |
| Conveyancing Fees | £1690 (Inc.VAT) Solicitor's Legal Fees. |
| Energy Performance Certificate (EPC) | £60-£120 (Inc. VAT). |
| Removal Company Costs | £1181 - 3 Bedroom House (50 Miles). |
| Mortgage Exit Fee | £50-£300. |
| Early Mortgage Repayment Charge | 1%-5% of Outstanding Mortgage. |
| Capital Gains Tax | Varies. |
| Porting A Mortgage | Up To £450 For Valuation |
Estate Agent Fees
Traditional Estate Agent Fees
If you use a high street estate agent, you can expect a 1.18% commission fee (plus VAT). Selling a home at the average UK house price of £292,000 will see estate agent fees of £3445.60. Around 95% of all house sellers use traditional estate agents.
Estate agents base their commission fee on a percentage of the final sale price. They can charge 1% and 3% of the property price — which is set when the property is sold. Some estate agents work on a no-sale, no-fee service, which means they won’t charge you at all if you don’t manage to sell your property.
It would be best if you asked for a list of their additional services upfront so you can have transparency through the house-selling process. You want to avoid being surprised by any hidden fees later down the line.
Online/Hybrid Estate Agents
Most online or hybrid estate agents will charge a fixed fee between £300 and £1500, and less than 5% of home sellers use online estate agents. Usually, 50% of all homes fail to sell through online/hybrid estate agents, meaning half of all home sellers have to pay twice before they are successful.
However, we charge no fee at all! If you sell your property with us, whatever your selling price is, you will receive it.
Conveyancing Fees
The average solicitor costs for a freehold is around £1,270, and a leasehold is £1,420. When selling a property, you will need a solicitor or a conveyancer to handle the legal process of the sale. The average conveyancing fees include the solicitor’s legal fee and conveyancing disbursements.
Leaseholds are often more expensive when dealing with solicitors, and they involve slightly more leg work to be done and can often be quite complex. Some conveyancers will offer a fixed fee conveyancing service, so you should make sure before you choose a solicitor.
Disbursements are payments where your payments are made on your behalf by your solicitor and then claimed back. Examples of disbursements claimed during the house-selling process include:
- Title Deeds Copy £6 – Land Registry documents are used to prove you are the legal owner of the house; you will only need a copy of the title deeds.
- Telegraphic Transfer Fee £40 – A bank transfer fee is required when your conveyancer needs to transfer money. The transfer fee tends to differ between £25 and £45.
- Anti-money Laundering Checks £5 – The buyer and seller will be checked to ensure your money comes from legitimate funds.
- Mortgage Property Supplement Fee £220 (If Applicable) – Your solicitor will liaise with your mortgage provider to process the redemption of your mortgage.
You must choose your solicitor carefully, making sure that they are CLC, SRA, LSS, or LSNI regulated. We will pay for all your estate agent fees if you decide to use our service.
Mortgage Fees
If you sell your property with a mortgage, you’ll face some costs; mortgage exit fees and early repayment charges.
Mortgage Exit Fee
To close your mortgage, you must pay your provider a mortgage exit fee. Depending on your mortgage provider, this will typically cost between £50-£300.
Early Repayment Charge
You might be liable to pay an early repayment charge if you’ve already paid off your mortgage or if you are leaving your mortgage before your fixed term ends. This will typically cost between 1-5% of the loan.
If you still have a mortgage and you want to sell your home, you can either transfer your current mortgage or find a better deal by remortgage. Both options will mean you have to pay potential fees like:
- Arrangement Fee – £1000-£2000.
- Booking Fee – £100-250.
- Valuation Fee – £150-£1500.
EPC Certificate Costs
You might be liable to pay an early repayment charge if you’ve already paid off your mortgage or if you are leaving your mortgage before your fixed term ends. This will typically cost between 1-5% of the loan.
EPCs are used to help you improve the chances of getting your home sold. It will give potential buyers an accurate idea of the property’s energy usage and costs. It will also help you to make specific improvements to your property, like the safety of electrical wires and how to cut down on energy costs.
Only accredited assessors can carry out an EPC, but you can arrange one through your estate agent or directly from an EPC lender. Energy Performance Certificates are valid for up to ten years, so if you sell your property within ten years, you do not need to get another one. All EPCs are stored digitally by the government.
Removal Company Costs
The average cost of using a removal company is £1181. You should ensure that you have a removal company ready by your arranged completion date. Usually, removal companies can be booked up weeks before, so you should get this done quickly. You could organise self-storage if your move-out doesn’t match up to when you move in.
Removal costs will vary significantly depending on the number of bedrooms you have in your house and the number of miles they will be travelling:
| Size Of House | Cost of Removal Companies Per 50 Miles | Cost of Removal Companies Per 150 Miles |
|---|---|---|
| 1 Bedroom | £365 | £468 |
| 2 Bedrooms | £576 | £688 |
| 3 Bedrooms | £806 | £918 |
| 4 Bedrooms | £1056 | £1168 |
Preparing House For Sale Costs
Getting your house ready for sale can be inexpensive, but using professional services may increase the chance of selling your property. You should clean your house before viewings and photographs and before the buyers move in. If you have any infrastructure issues like dampness or Japanese knotweed, you should try and resolve this before putting your house up for sale. Examples of costs can:
- Cleaning – £0-£150.
- Painting – £50-£1000.
- Fix Repairs – £0-£2000.
Buyers will try and negotiate a price down if their survey pulls up any red flags. You can pre-empt this by fixing any repairs or expect this to crop up.
Capital Gains Tax (CGT)
If you receive a profit on the sale of a house and it is not your main place of residence, then you have to pay Capital Gains Tax. A basic-rate taxpayer will pay around 18% capital gains tax and 28% in a higher tax bracket. You will need to pay Capital Gains Tax if you are selling a:
- Inherited Property.
- Buy-to-Let.
- A Holiday Property.
- Business Premises.
- Land.
What Is The Average Cost To Selling A House With The Property Selling Company?
By selling your property with The Property Selling Company, you could save upwards of £6000 based on a £292,000 home. We will never face you with hidden costs or surprise you with commissions. Our service is paid for by us, so you never have to pay a penny.
| Sale Process | Traditional Estate Agent (3 Months) | Online Estate Agent (2 Months) | The Property Selling Company (28 Days) |
|---|---|---|---|
| 1st Advertised Price | £300,000 | £292,000 | £292,000 |
| 2nd Advertised Price | £292,000 | £292,000 | £292,000 |
| Sold For | £294,000 | £287,000 | £292,000 |
| Estate Agent Fees | £290,531 | £286,000 | £292,000 |
| Additional Fees | £289,030 | £283,200 | £292,000 |
| Total | £289,030 | £283,200 | £292,000 |
When you’re ready to sell your house fast, choose us! You will benefit from our honest and transparent customer service. We will provide you with an improved, streamlined service away from the traditional high street estate agent. We believe that selling a property shouldn’t be time-consuming or complicated and aim to sell your house in more than 28 days — completing within twelve weeks. You will be in safe hands as we cover everything from floor plans, photographs, write-ups, viewings and legal fees.
Sell your house for free
- You will benefit from honest and transparent customer service
- You will be in safe hands as we cover everything including floor plans, photographs, write-ups, viewings and your legal fees
- You will have an improved, streamlined service away from the traditional high street agent
