A recent study from estate agent comparison site, Netanagent has found that the fees paid to estate agents in Manchester Central rank amongst the highest fees paid in the whole country. The findings have come from studies taken between April of 2015 and April of 2016, and were primarily focused on the fees charged by agents in the Greater Manchester area during this period of time.
It transpires that fees paid out in the Manchester Central constituency come in at 1.4%, which is the 15th highest fee in the country. The fact that the fees rank alongside the fees paid out in areas like the City of London, Westminster and Kensington is a concern. One of the strongest aspects of the Manchester property market is how well it compares to the London market but if fees are creeping up to this level, there will be a drop in the advantages of buying property in the Northern Powerhouse as opposed to in and around the capital. The 1.4% fee stands at 0.3% above the average level in the UK
Of course, it is one thing to talk about percentages but to deomstrate the impact on people, it is always better to discuss the actual cost of the fees. With the average property price in this area of Manchester coming in at £135,000 the average fee for a property purchase would come in at £1,890.
There is no uniformity to fees in Greater Manchester
It would be wrong to assume that this was the case all over Greater Manchester because it isn’t. If you were looking to buy a property in Manchester you would only have to pay an average fee of 1%. For the same sort of property purchase, this would result in an average fee of £1,400 being paid. This means the agent fees in Stockport are around £500 cheaper than the ones found in Manchester Central. This is quite a saving and when you take on board the fact that house prices in Stockport are actually higher than house prices in Manchester Central, it further emphasises the disparity between agent fees.
Of course, it is not as if every estate agent charges the same fee, so you’ll need to approach each agent on their own merits. What one agent provides you with for their fee may be very different from what a separate agent offers, so you need to weigh up what represents good value for money to you. At Spencer Harvey, we are pleased that there is a debate about the difference in estate agent fees and we like people to realise that there is no such thing as a uniform level of service from an estate agent fee.
Given the cost of buying and selling homes, it can be tempting to opt for the cheapest option but you often find that a lower price results in a lower level of service, which can more than negate any saving.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk