In the UK the vast majority of people sell their home through an estate agent who will advertise and market their property for a fee of 1-3% of the sale value. So, for a £300,000 house this equates to about £4500.
For homeowners who wish to save this money there are alternative ways to sell a house such as using a low cost ‘online’ estate agent or conducting a private house sale.
Contrary to public perception it is perfectly legal to sell your house privately (that is without an estate agent) so long as you are willing to do the work an estate agent would do – including showing people around the house and negotiating the price.
You will still use a conveyancing solicitor to undertake the legal transfer of ownership once you have agreed the price with the buyer.
In many cases it is also possible for you to advertise your house privately alongside using an estate agent – however you must check your contract with them carefully as you will be liable to still pay their fees if you have signed an agreement with a ‘sole selling' clause (as opposed to a 'sole agency' clause). If in doubt, seek qualified legal advice.
The biggest challenge you will face selling your house yourself is marketing your property to the widest possible audience. Estate Agents have four main places to advertise:
As more and more people start their property search online, estate agents rely heavily on property portals such as Rightmove and The Big Property List to generate enquiries from potential buyers.
If you are serious about selling your home yourself you must also look to advertise your property online.
There are many private house sales websites available in the UK but be careful as many are very small and offer little support and have very few visitors. Certainly since the Office of Fair Trading (OFT) suggested innovation was required in the online property marketing sector many new websites have been set-up, but have yet to establish themselves.
A number of private-sale and low-cost online estate agents operate in the UK, and this part of the market changes quickly — fees, features and the portals they advertise on all vary over time, and services come and go. Compare the current options carefully before you commit.
Whatever route you choose, check what level of support is offered, which property portals your home will be listed on, and whether a 'For Sale' board is included.
You may also find these useful:
Free online house price valuation
You'll still need a conveyancer
Selling privately saves on estate-agent fees, but the legal transfer of ownership still has to be done by a conveyancing solicitor. Comparing quotes keeps this cost down too.
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