Estate agent fees in the UK have fallen by 34% over the last seven years but half of those selling a home pay over the average amount, research has found.
The average fee is now 1.18%, excluding VAT, and British estate agents charge the lowest commission when compared to most major global locations, according to the research from home service group The Advisory.
For example, France and the US typically charge fees of 5%, while in Japan it is 6% and in Mexico it is 7.5%. Lower than the UK is Hong Kong at 1% and China at 0.5%.
The research also found that in the UK over 95% of sellers choose a traditional high street agent over an online hybrid, while sole agency is the most common fee structure chosen by the public.
It suggests that fees have fallen 34% since 2011 as high street firms have felt under pressure to compete for instructions due to market conditions and the rise of the lower fee online agents.
The survey found that 47% of sellers paid higher than the national average, with the majority paying 1.5% commission. 11% of sellers paid between 1.5% and 2%.