The residential property market in the UK is nothing short of amazing. Many, many people have made and continue to make a lot of money from buying and selling property. That can be true in a ‘down’ market as well as an ‘up’ market.
But as well as the financial side of things, property is just a very interesting topic. That’s true whether you’re a seasoned property investor, a typical homeowner with a painful mortgage (!) or if you’re just considering ‘dipping your toe’ into the market. In fact, it is arguably the favourite topic of conversation for a high proportion of the UK population!
Enough said. But in addition to the property market being extremely worthwhile, whether your angle is just passing interest, needing a home or making serious profit, it’s a fact that selling and buying property is also a stressful and potentially expensive business.
Let’s take the London property market (as you’ll know by now, this eBook was written by MySaleAgreed, who are London private sale specialists); we’ll come back to why the London market is ‘different’ a bit later on. On any given day in London, there are:
- Thousands of properties on the market; with
- Thousands of owners trying to sell them; and
- Thousands of buyers trying to buy them; and most of all there are
- Thousands (millions, in fact) of pounds paid to property professionals in fees.
Are the property professionals who you suddenly find ‘in the loop’ on your sale or purchase absolutely necessary? In particular, are estate agents, who have come under intense scrutiny (and often criticism) in the past, really necessary?
 Selling or buying property can feel like going round in circles.
And, financially, it can feel like a spiral. Sellers typically pay a percentage of their full sale proceeds to an agent (plus VAT).
The more you sell your house for, the more estate agent commission you pay, despite the process essentially being the same. Bear in mind, therefore, that if your property is in London, you will on average pay more to your estate agent. That’s a fact, given the relatively higher house prices. And, whether selling or buying, you find the ‘middleman’ estate agent constantly involved in the process. That’s the case even when you don’t feel it’s necessary or even if it feels difficult or inappropriate. It can be more of a hindrance than a help. So...
...do you really want or need a middleman estate agent at all??? More and more people are answering, firmly, “NO!”
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