London folk what's the going rate for estate agent fees?

[Floellabenjamin]

I've never sold a property before and about the enter into all this as need to move house. Have had informal chat with one estate agent and the topic of fees didn't come up. He was so busy schmoozing me I forgot to bring it up. So what's the going rate and how much room is there for negotiation?

There is some room for negotiation, it really depends how much they want your business - I'm sure if it's a more expensive property you've got more room to negotiate, equally if they are a new agent and building up a client list.

We paid 1.5%, that was for a 1 bed flat. However friends of ours managed 0.75%, but that was with a new agent setting up who needed some sales on his books (and turned out to be very good anyway- shame he didn't cover our area!).

We got 3 quotes and if I recall they were for between 1.25% and 1.75%.

Milsold in marchlast year fees were 1.5 to 3% but negotiated to 1% as they knew they could sell it within days at over the asking price.

Outer London last summer all agents offering 1%, but that was in a very buoyant market so they weren't having to do as much! Now it seems to be cooling round here so would probably be 1.25. If you price it realistically you will get a better rate because they won't have to do as much work to sell it.