How Much Does It Cost to Sell a House in the United Kingdom in 2024?

Selling a house is a significant financial transaction, and understanding the associated costs is crucial for any homeowner considering a sale. In 2024, the landscape of property transactions in the United Kingdom can be intricate, affected by factors such as market conditions, regional variations, and changes in legislation. This article aims to break down the various costs involved in selling a house in the UK, helping sellers prepare their finances effectively.

1. Estate Agent Fees

One of the most considerable expenses incurred when selling a property is the estate agent’s fees. In 2024, estate agent fees typically range from 1% to 3% of the property’s sale price, exclusive of VAT. For example, if your home sells for £300,000, you could expect to pay between £3,000 and £9,000 in fees. Some agents may offer fixed fees, so sellers should compare commission structures before making a decision.

Online vs. High-Street Agents

In recent years, many homeowners have opted for online estate agents who generally offer lower fees, often charging between £800 and £1,500 for their services. While these services might save on costs, it’s essential to consider the level of support and marketing services they provide.

2. Legal Fees

Conveyancing is a critical part of the home-selling process, which involves legal work required to transfer ownership. In 2024, the average cost of hiring a solicitor or conveyancer can range from £800 to £1,500, depending on the property type and location. Sellers should always obtain quotes from multiple firms and confirm what services are included in the fees to avoid unexpected costs.

3. Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) is a legal requirement when selling a property. The EPC assesses the energy efficiency of your home and costs around £70 to £120 to obtain, depending on the provider. It’s advisable to arrange this before listing your property, as buyers will want to see the certificate as part of their considerations.

4. Property Repairs and Improvements

Before selling, many homeowners choose to make repairs or improvements to increase their property’s value. These can include painting, landscaping, or even major renovations. The costs for repairs can vary widely, but a reasonable budget might range from £1,000 to over £10,000, depending on the condition of the property and the extent of the improvements.

5. Removal Costs

Once a buyer has been found, the next step is to move. Removal costs can vary based on the volume of goods and distance moved. On average, homeowners spend between £300 and £1,000 on removal services. It is prudent to obtain quotes from several moving companies to secure the best deal.

6. Capital Gains Tax (CGT)

For those selling a second home or investment property, Capital Gains Tax (CGT) may apply. CGT in 2024 varies based on income tax brackets and is generally charged at 18% or 28% on the profit made from the sale. It is essential to account for this when considering your overall financial return from selling the property.

7. Additional Costs

Aside from the primary costs outlined, several other fees may crop up during the sales process:

Home Staging: Hiring a professional to stage your home can help attract buyers but typically costs between £500 and £1,500.
Marketing Expenses: Depending on your agent, you may need to contribute to marketing fees, which can range from £200 to £1,000.
Cleaning Services: A professional deep clean might cost between £100 and £400, but it can enhance the appeal of your home during viewings.

Conclusion of the Sale

Selling a house in the UK in 2024 encompasses various costs that can add up significantly. Homeowners should budget for estate agent fees, legal fees, EPC costs, necessary repairs, and moving expenses, alongside potential tax implications. By planning ahead and being realistic about the expenses involved, sellers can navigate the property market with confidence and maximize their financial return on investment. Always consult with professionals and consider all factors before making any decisions, ensuring a smooth selling process.

Here at the CoastnCountry Estate Agents covering Lancaster, Morecambe Bay, and South Lakes property valuations and sales, we know what it takes to find that perfect Home, and we are happy to advise on any valaution aspect. Want to find out more? Please contact The Friendly Team at coastncountry.co.uk or call 01524 389814.