London has the highest traditional estate agent fees in the country at 1.70%, according to price comparison site NetAnAgent.com.
Fees in the capital are 0.60% higher than the national average, which means selling a home in Kensington could cost over £70,000 more than selling a property in Glasgow.
Kensington, where sellers could pay a staggering £50,696 more than if they were to sell a similar property in Fulham (a short tube journey away), was crowned the most expensive area in London to sell a property. In West London as a whole, traditional estate agency fees remain among some of the highest in the UK, averaging out at 1.96% - 0.86% up on the national average.
The data, based on HM Land Registry figures, also revealed that Lambeth is the cheapest place to sell property in London, costing sellers on average just over £8,200. Standing at 1.53%, Lambeth also has some of the lowest estate agent fees in London.
Additionally, the figures revealed that fees charged by traditional agents have dropped across the UK property market since 2016, with the exception of more specialist agents selling properties in higher value areas. NetAnAgent believes this change could be linked to high street agents reducing fees to compete with online and hybrid agents, despite an average increase of 37% in online fees in the last two years.
“It’s no surprise that, over the last few years, traditional agents have increasingly brought fees down to compete with online and hybrid agents,” Alex Thorpe, chief executive of NetAnAgent.com, said.
“However, we have seen that high street agents have continued to evolve their service to justify the extra fees with more focus on service along with an emphasis on helping to manage the entire process from marketing to completion.”
Below are the cheapest and most expensive areas in London to sell a property.
Cheapest places to sell a property:
1) Lambeth - £8,239.90 (agent fees 1.53%)
2) Hackney - £8,402.94 (agent fees 1.49%)
3) Wandsworth - £10,671.25 (agent fees 1.43%)
4) Islington - £11,243.47 (agent fees 1.36%)
5) Southwark - £11,514.58 (agent fees 1.32%)
6) Hammersmith - £16,163.09 (agent fees 1.75%)
Most expensive places to sell a property:
1) Kensington - £71,986.40 (agent fees 2.04%)
2) Chelsea - £63,561.95 (agent fees 2.30%)
3) Notting Hill - £43,309.82 (agent fees 1.89%)
4) Hampstead - £29,755.90 (agent fees 1.90%)
5) Fulham – £21,290 (agent fees 1.90%)
6) Camden - £18,623.39 (agent fees 1.66%)