How much does a high street estate agent make per hour?

How much does a high street estate agent make per hour?

eMoov.co.uk, has released its latest research on the fees charged by high street estate agents, on the sale of the average UK property.

eMoov has monitored the increase in estate agents fees since 2014 and now has year on year change dating back over the last three years.

The latest research highlights that a high street estate agents cost per an hour has increased by 6% over the last year. With it taking between 5 and 15 hours to sell a property high street agents could be making as much as a staggering £922 per hour.This is still despite the estate agency sector still having little barrier to entry in terms of qualifications, as well as no consistent regulatory body.

The high street estate agency sector is still out performing a vast array of highly skilled sectors such as lawyers, physiotherapists and even private doctors, when it comes to cost per an hour. Unfortunately the same can’t be said for the (un)ethical nature of their work and the service provided for such an inflated cost.

With the average fee widely regarded at about 1.6% inc VAT on the sale of a home, estate agents take home commission in the region of £4,608 on the sale of an average UK house (ONS: £288,000). As a result the equivalent hourly fee can run to as much as £922, for what is essentially the same work as it's always been, when compared to that of the other professions listed. This can run to as high as £2,500 in London, where the average house price is considerably higher and high street agents will often charge commission as high as 2.5%.

Profession

Cost Per Hour (£)

Estate Agent

£920

Lawyer

£409

Private Doctor

£145

Hairdresser

£79

Plumber

£200

Electrician

£200

Physiotherapist

£60

Psychologist

£60

Dentist

£53

Personal trainer

£30

Vet

£46


Russell Quirk, founder and CEO of eMoov.co.uk, commented: “This is the third year we have run this research now and it’s unbelievable that high street agents are still cashing in to such an amount, at the detriment of UK home sellers.

This isn’t so much about the online offline debate but about the service provided to those selling and, quite frankly, the high street sector have been taking advantage of UK sellers for far too long now.  

The explosive growth of the online sector proves that it can be done differently and as we continue to grow, we promise to reverse this trend of overpaid, underperforming estate agents topping the list in terms of cost per an hour.

The cost per hour with an online agent is around eight times cheaper despite the service provided being consistently better, so hopefully it won't be long before the commission fee structure becomes extinct altogether."

Join our mailing list:


Comments

  1. Mortgage_BizMortgage_Biz26 February 2016 11:07:09

    I believe Emoov have been pulled up before by the ASA for making statements about savings and costs that they couldn't actually validate, haven't they? Here we go again then....according to the these ridiculous set of quotes an Estate Agent spends 5 hours in total on a single property before getting paid- he is simply making up stats to support his own business model and I'm tired of hearing it. He simply shouldn't be allowed to make widely sweeping statements about any part of the industry just to talk up his own company when quite clearly there are examples of good and bad practice from both high street agents and online agents- including his own who we have recently had contact with!

    Reply to this comment

Leave a comment



Latest Comments

Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

view article
Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

view article
Homebuyerconveyancing
Homebuyerconveyancing 15 Sep 2016

We are seeing a massive influx of Homebuyers using online Estate Agents. The winners are the online portals that still aim to manage the customer journey to homeownership. They provide a valuation service,...

view article
oliviaG
oliviaG 12 Sep 2016

Without a doubt renovating can truly be very beneficial to many homeowners but it depends to a great extent on the condition of your home and the parts of it you want to refresh. Before you start you should...

view article
oliviaG
oliviaG 29 Aug 2016

So true about cats!

view article
Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

view article
dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

view article
SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

view article
jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

view article
jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

view article
TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

view article
madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

view article

Related stories

More articles from Business

Specialist Lending Roadshow 2016

20th-23rd September

4 days
7 specialists
4 locations
Free to attend

Click here to register now