Kensington was crowned the most expensive area in London to sell property, costing sellers a staggering £50,696 more than if they were to sell a similar property in Fulham (a 16-minute tube journey away). Despite West London homing some of the priciest postcodes in London, traditional estate agency fees remain among some of the highest in the UK averaging out at 1.96% (0.86% more than the national average).
Analysis released today by price comparison site NetAnAgent.com, who gathered average house prices based on properties sold in areas over the last year from HM Land Registry, also found that Lambeth is the cheapest place to sell property in London, costing sellers on average of £8,239.90. Lambeth also has some of the lowest estate agent fees in London at 1.53%.
The new figures also reveal that fees charged by traditional agents have fallen across the UK property landscape since 2016 with the exception of more specialist agents selling properties in higher value areas. 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.
Alex Thorpe, NetAnAgent.com CEO, commented: “It’s no surprise that, over the last few years, traditional agents have increasingly brought fees down to compete with online and hybrid agents. 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. We provide a level playing field for both traditional and online agents, so sellers can find the best option for them.”
These are the cheapest areas in London to sell 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%)
These are the most expensive areas in London to sell 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%)
