The Average Cost of Selling a House UK

Written by Mathew McCorry

If you read my property blog now, that’ll be the end of it. I will not look for you, I will not pursue you. But if you don’t, I will look for you, I will find you and I will make you read it.

The costs to selling a house vary hugely as many factors come in to play; how you advertise your property, which conveyancer you choose, removal costs, and more.

What you will find out on this page

  • The average cost of selling your house
  • What options you have & what they cost
  • The cost of conveyancing
  • An alternative way to sell for free


This article is quite long, and we understand you may have a specific query about the cost of a certain aspect, or you simply might just want to jump to the end. Use the navigation below to jump to the section that best answers your query:


So lets get on with the article! Keep reading to find out more

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Overall Cost of Selling A House – Overview

It’s a tricky question, with lots of moving parts, but we’ll dig into all of that later. If you’ve come to this blog looking for a quick answer, then here is an example, if we use a property valued at £200,000, of the overall cost you can expect to pay when selling your home.

  • EPC Estimate: £92.50
  • Estate Agent Fee Estimate (1.4%): £2,800
  • Conveyancing Fees Estimate: £775
  • Total: £3,667.50

This doesn’t include some of the other costs you may incur such as mortgage exit fees, Capital Gains Tax, removals and more, but we’ll talk about that later in the article.

Your Sale Option Costs

For someone to know your property is for sale, you'll first need to advertise it. The way you go about doing this is your choice, and there are pros and cons to whichever route you take.

If you don't have much spare time or don't feel comfortable to hold viewings with potential buyers yourself, you can have an estate agent do it for you. This will of course cost you money, but the amount will vary. It's likely to be cheaper to use an online estate agent, or bypass the open market altogether and sell to a cash property buying company.

Basic Cost Overview

There are a few costs involved if you choose to sell through the traditional estate agents route. Let's start with the basic ones:

  • EPC - the energy performance certificate costs between £35 and £150 plus VAT
  • Estate agent fees - these vary between 0.5% to 3% of the sale price, plus VAT
  • Conveyancing fees - costs between £550 to £1,000, this includes VAT
  • Removal costs - to remove the contents of your home, you could look at paying £250 to £4,000 plus VAT

High street estate agent cost

Here we take a more in depth look at the high street agent option, you'll find that high street agents are often much more expensive than online agents. However, this can vary dependent the value of the house you're selling as estate agents charge on a percentage of the agreed sale price, usually between 0.75% - 3%. This means you don't need to pay anything if your property doesn't sell. For example, if you sold a house at £100,000 and the charge was 1%, you'd pay £1,000 to the etate agent. If you sold a house at £500,000, at the same charge you would be paying the estate agent five times the amount, at £5,000.

Online estate agent cost

Online estate agents can be cheaper and they usually charge a fixed fee. Sometimes they charge upfront, but not always. The costs vary from £99 to £1,695, so if you sold a property at the UK average of £226,000, it could result in savings of over £6,000 compared to a high street agent.

Conveyancing Costs

Your estate agent will often suggest a solicitor, but these aren't always the best option. Sometimes they will recommend a solicitor they have an agreement with and it could cost you more.

According to the Homeownes' Alliance, solicitors can charge £500 to £1,500 on legal fees. However, this doesn't include other charges which could total up to around £623:

  • Title deeds: £25
  • Property fraud fee: £10
  • Transferring ownership: £200 - £300
  • Bank or telegraphic transfer: £20 - £30
  • Money-laundering checks: £8pp
  • Searches: £250


Extra costs to consider

There are also some more costs which could be involved, but you'd have to see if these are applicable to you:

  • Preparing your house for sale - price varies
  • Mortgage exit fee (MEAF) - costing between £50 and £300
  • Early mortgage repayment charge - usually 1% to 5% loan amount
  • Incentives
  • Capital Gains Tax (CGT)
  • Home report (if you live in Scotland) - typically costs between £100 and £1,000 plus VAT


What is the average price for selling a house?

The costs we've already covered may be some of the most expensive, but don't cover everything. You'll want to be sure to calculate all the costs to selling before you go ahead.

Fees
Online agent
High street agent
Agency fees
£99 - £1,695
£2,034 - £8,136
Conveyancing fee
£500 - £1,500
£500 - £1,500
EPC
£35 - £120
£35 - £120
Removals
£400 - £1,200
£400 - £1,200
Total
£1,034 - £4,515
£2,696 - £10,956


Money Saving Expert claim that based on the average sale price of a property in the UK of £226,000, above are the costs you can expect to sell (correct as of March 2018).

How To Calculate Sale Profit

What you’ll probably want to know by the end of this is exactly how much profit you’re going to get out of the sale, after all, that’s what it’s about!

In order to work this out, you need to determine your total cost of selling, remaining mortgage balance and the sale price.

Let’s take the example used at the start, the property has sold for £200,000.

Your fees are £3,667.50.

And for simplicity, lets say you have a remaining mortgage balance of £140,000.

The equation is £200,000 – (£3,667.50 + £140,000) = which leaves you with a total profit of £56,332.50.

Do You Have Any Extra Tips?

Assess your options. Several people jump into the open market with a traditional estate agent because it’s the normal thing to do. There are several options when it comes to selling your house, you can use an online estate agent and save a bit of money, go to auction, reach property investors, or choose a sell house fast option such as ourselves. It all depends on your personal circumstances and what sale option may best suit your needs.

If you’ve determined the open market is for you, picking the right estate agent is vital, but you also want to pick one that doesn’t eat significantly into your profit. Depending on the value of your property, it might be worth considering an agent with a fixed fee, if you’re interested, we took a deep dive into estate agent commissions.

Another significant factor to the cost of a sale is time, and it’s often overlooked. The longer your house takes to sell, the more bills will rack up over that duration, which is just adding to your cost of selling. You want to ensure that your property is priced property for the market, so ensure that you do all the research, find comparables and see what they are selling for in the area before jumping on the open market and trusting your estate agents valuation.

Can You Reduce The Cost Of Selling Your Home?

There are certain things that you might be able to do in order to reduce the overall cost of selling your home. Here are just a few of the things that you should consider:

  1. Hiring a good estate agent
  2. If you choose to go down the open market route, choosing the right estate agent initially is vital to saving costs. Don’t just look at the estate agents fees, try and research about their reputation and other people’s experience in dealing with them. You also want to ensure that you aren’t tied into their contract, so you can switch estate agents should they not perform well.
  3. Don’t overdo the improvements
  4. When you’re selling your home, there’s a big temptation to overhaul it, fix all the issues and turn it into a show home. We’re not saying don’t give the home a new lick of paint or Polyfilla that crack in the wall, but you might not benefit financial from doing major improvements such as fitting a new bathroom or kitchen, as often the amount you put into those larger pieces of work likely won’t be reflected in the sale price.
  5. Time your sale well
  6. Timing is a big thing, the housing market is constantly changing and there are some months that are better at selling than others, for example the housing market slows down near Christmas time for obvious reasons. We’ve written an article on when the best time to sell your home might be.
  7. Assess your selling options
  8. We touched on this earlier, and it’s assessing which the best way to sell your property is. The open market can take time, and if you need a quicker sale you might need to seek an alternative, such as The Property Buying Company. That being said, there are also other alternative options you might want to consider like auctions.

An alternative sales option (free)

At The Property Buying Company, we can buy your home fast, with no agency, legal, or EPC fees. We can even clear any unwanted items from your home for free. We'll buy your house in as little as 7 days, being cash buyers the whole process is quick and simple, we can handle everything for you and take the hassle out of the sale completely.

Get a FREE no obligation cash offer on your property

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