What are the costs of selling a house in London?

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Selling a house in London can be an expensive process, with various costs involved. Here’s a breakdown of the average costs associated with selling a property in the capital

It’s essential to factor in these costs when planning to sell your property in London. The expenses can quickly add up, and being prepared can help you budget effectively.

Typical purchase of a property cost

See the above infographic for a typical breakdown of the costs associated with selling a property that is worth £250,000. According to Zoopla’s house price index, the average cost of a home in the UK is £263,600 as of January 2024.

Estate agent fees 

Using a high-street estate agent is the most common method of selling a property in London. Data suggests that properties listed with an agent tend to sell faster, often within a matter of weeks, compared to several months when selling privately. However, this convenience comes at a cost.

Type of Agreement Average Fee
Sole Agency 1.5% – 2% of the sale price
Multi-Agency 2.5% – 3% of the sale price

Estate agent fees are typically a percentage of the final sale price. A sole agency agreement, where only one agent markets your property, usually costs between 1.5% and 2% of the sale price.

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On the other hand, a multi-agency agreement, where you can use multiple agents, will likely cost between 2.5% and 3% of the sale price. However, you’ll only pay commission to the agent who successfully sells your property.

Should you use an online estate agent?

In general, using an online estate agent will provide you with a worse service all round. Despite this, online estate agents have gained popularity in recent years due to their lower fees, often charging a fixed rate between £300 and £1,500.

However, while cost-effective, they often lack the local market knowledge and targeted buyer access that high-street agents possess. Online agents may be suitable for those willing to take on a more active role in the selling process, but they may not be the best choice for those seeking a more hands-off approach.

EPC costs

An Energy Performance Certificate (EPC) is a legal requirement when selling a property in London.

It provides buyers with information about a home’s energy efficiency and potential running costs. The average cost of an EPC in London ranges from £80 to £150, including VAT.

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You can check the energy performance certificate of any property on the government website by clicking on this link.

Conveyancing fees 

When selling a property in London, you’ll need to hire a conveyancer or solicitor to handle the legal aspects of the sale. You can find reputable conveyancers in your local area by checking online directories or asking for recommendations.

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The average conveyancing fees in London range from £1,500 to £2,500, depending on the complexity of the transaction and whether the property is freehold or leasehold

Mortgage porting costs

If you have an existing mortgage and plan to transfer (or “port”) it to a new property, you may face additional costs.

The cost of porting a mortgage

The average cost of porting a mortgage in London is around £350 to £450, which covers the lender’s valuation fee for the new property. However, porting costs in London can be higher due to the higher property values in the city.

To reduce mortgage porting costs, consider negotiating with your lender or exploring alternative mortgage deals. Not everyone will face these costs, as they only apply to those transferring an existing mortgage to a new property.

Home staging

Presenting your property in its best light can significantly impact the sale price and interest from potential buyers. Home staging involves preparing the property for viewings and marketing, including decluttering, deep cleaning, and potentially hiring a professional home stager.

a camera in the uk that is being used for home staging

The cost of staging a home in London can vary, but it typically includes:

  • Obtaining architectural plans from the Land Registry (£3 – £15)
  • Professional photography for listing platforms (£100 – £300)
  • Hiring a home stager (£200 – £1,000 per room)
Get more information on the best things to fix before selling your home

It’s worth noting that many reputable estate agents, such as Cozee Properties, often include home staging services as part of their comprehensive package, eliminating the need for sellers to incur additional costs.

Removal costs 

Hiring a professional removal company is essential when moving to a new property. The average cost of removal services in London can range from £800 to £2,500, depending on the size of the property and the distance of the move.

Property Size Average Cost (within London)
1-bedroom flat £500 – £800
2-bedroom house £800 – £1,200
3-bedroom house £1,000 – £1,500
4-bedroom house £1,500 – £2,500

Removal costs are typically paid upfront or on the day of the move. The final cost will also depend on additional services requested, such as packing, dismantling furniture, or if you’re moving into a furnished property, which may require less work for the removal company.

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Skyscrapers of London