London estate agents represent best value added
The latest research from AgentWise, the agent community helping to support estate agents through global collaboration and market insight, has found that London estate agents represent the best value added during the transaction process when compared to many other global property hotspots, with the average commission earned per property sitting well below other major global property markets such as Paris, New York, and Singapore.
AgentWise analysed the average estate agency commission charged per property across 10 major global cities, before applying this average fee to the average house price in each city, to reveal the estimated average commission earned per transaction.
The research shows that Paris tops the table when it comes to commission earned per sale. With agent fees typically sitting between 5% and 6%, the average commission of 5.5% would see Parisian agents take home an average commission of £36,847 based on an average property price of £669,950.
New York ranks second. Although headline commission rates typically range between 5% and 6%, this is split between the listing and buying agents, leaving an effective average of around 2.8% per transaction. With an average property value of approximately £922,282, this means the average agent in New York generates a commission of £25,824 per transaction.
Singapore places third where, based on an average rate of 2% and an average price of £1,125,730, the estimated average agent commission comes in at £22,515 per sale.
Berlin (£18,618), Madrid (£15,692), Hong Kong (£12,430), Milan (£11,524), and Toronto (£10,018) follow, with commission earnings in each market reflecting a combination of varying fee structures and local property values.
Dubai ranks ninth overall. With agents in the emirate securing an average fee of around 3%, this equates to an estimated commission of £9,993 per sale based on an average property price of £333,111.
London ranks tenth overall where estate agency fees typically range from 1% to 3.5%, plus VAT, with the average estimated at around 1.7%. Based on an average property price of £586,050, this results in an average commission of £9,963 per sale, placing London at the bottom of the table despite its position as one of the world’s most valuable property markets.
Eric Corsaletti, Founder of AgentWise, added:
“Agent fees in London can vary widely, particularly when it comes to the prime thresholds of the capital, but this research shows clearly that London agents earn comparatively modest commissions per transaction when set against other major global cities.
Long term London remains one of the world’s leading real estate destinations, attracting sophisticated, high net worth individuals from around the globe and, as a result, it consistently produces some of the highest calibre agents found anywhere in the world. In fact, many go on to build successful careers in other international markets, which reflects the strength of their training, experience, and professional standards.
So when you consider the quality of service, regulatory requirements, and competitive pressures that London agents operate under, it’s fair to say that they arguably add the most value when you consider the fees charged versus other global markets. Yet the prevailing perception amongst London’s home sellers is that estate agency fees are high, despite the fact that they pay considerably less compared to their international counterparts in many other global cities.”
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