Landlords selling properties are now paying up to 21% more in estate agency fees compared to five years ago, a new analysis reveals.

Open Property Group has conducted a comprehensive study of the change in average estate agency fees across the UK and its regions from 2019 to 2024. The findings highlight a significant increase in the cost of selling a home.

In 2019, the average house price in the UK stood at £230,612, with estate agency fees averaging 1.53%, equating to approximately £3,528 per sale. Fast forward to today, the average house price has risen to £280,311, and although the average estate agency fee has slightly decreased to 1.42%, the actual cost in monetary terms has increased to £3,980. This represents a 12.8% increase, or an additional £452, for sellers over the past five years.

The analysis further reveals substantial regional variations. In the North West, for instance, the average house price has surged from £164,419 in 2019 to £214,592 in 2024. Correspondingly, the cost of estate agency fees has risen from £2,516 to £3,047, marking a 21.1% increase.

Similar hefty increases are observed in Northern Ireland, where fees have climbed by 20%, followed by Wales (19.4%), Yorkshire & Humber (16.3%), the East Midlands (15.6%), Scotland (14.8%), the West Midlands (14.9%), the South West (14.4%), and the North East (14%).

Conversely, London stands out as the only region where the cost of estate agency fees has marginally declined, with a 0.5% decrease over the same period.

A spokesperson for Open Property Group commented: “After a couple of stagnant years, it looks like the UK market is set to pick back up in the second half of 2024. This resurgence is likely to drive house prices higher, consequently increasing estate agency fees.”

As the property market evolves, landlords and sellers are advised to stay informed about these cost dynamics to better navigate their sales strategies.