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Founder and CEO of Hystreet Awais Ahmad shares his thoughts in our blog.

Mar 19

Blog

The cost of moving home for your average UK home seller is at an all time high. This is in large part due to the rise of house prices accompanied by the growth in stamp duty costs and conveyancing costs. As a result, the costs of moving home now come up to roughly £10,000 – over a third of the average UK salary. Despite all of these rising costs, estate agents’ costs have not risen, remaining the same.

Stamp duty accounts for a significant percentage of costs moving costs – on average, £4500. That’s roughly 46% of overall moving fees! What’s most shocking to many people, however, is the rate at which they have risen. Between 2017 and 2018, stamp duty costs rose by a near-extortionate 11%! Compare this to the next highest price increase, surveying, at only 1% and it seems incredibly out of place. In further comparison, the average fees for estate agents, removals, and EPC’s, are still all unchanged.

Agents strive to provide the best possible service for their customers. As a direct result of this service, this often means that customers sell for a better end figure, benefiting them financially in the long run. Despite all of the financial benefits the seller has to gain from simply instructing the right agent (such as a higher sale price, a quicker sale, and more) estate agents fees are still often the most heavily scrutinised and criticised out of all home moving fees. Why? In a recent UK.GOV survey, it was revealed that consumers’ biggest frustration with estate agents is feeling like they do not earn their fee. It’s time for agents to be more transparent with their customers, and to show off all the hard work they do in order to give the best possible service to their customers.

The money a customer pays for an agent may not be the most significant fee, but choosing the right agent may have an even larger impact on what the seller ends up paying overall, and what their financial situation is when the move completes. In order to make sure that your potential sellers are both aware of this and also aware of how your service benefits them over your competitors, it needs to be demonstrated by your staff. The Hystreet system ensures that the first integration customers have with your company is open, honest, transparent, and immediately provides value. Contact us today to see how else we can help.