Estate Agent Fees in London zone 2

[MyMSAccount]

I think I've rushed in accepting a estate agent fee and need advise.
Our offer on a house has been accepted. We now need to sell our flat quickly so they offer doesn't fall through. We are using the same estate agent that was used to buy the house (John Payne) They've been recommended by many friends, too.
They offered a 1.5% fee + VAT. I've negotiated and they came back with a flat fee of £7,500 + VAT. Market value of the flat is 600-625k.

Any thoughts if this is a good deal or if I rushed? We trust the estate agent and many in the area have sold through them.

If they sell quickly for you it will be well worth it. It’s just over 1.2% which is not excessive.

Some things are not worth scrimping on.

That sounds a good rate for London

Some people pay less and some more but it largely depends on what part of the country you’re in so getting opinions on Mumsnet may be unhelpful.

Remember you only pay the fees if they sell it for you and get the deal to Completion, and you need a good EA to achieve that at the moment. You could probably have found cheaper but it’s not the time to pick the cheapest, you need a quality service.

1.25% +VAT if you sell at £600,000.

That's pretty typical I would say, certainly not outside of normal parameters.

We paid 1% to sell in zone 3 this year, and in 2017 when we sold in z1/2, we also paid 1%.

Sounds average, and if you are in a rush, worth it if you think they're good. BTW very very surprised you had an offer accepted to buy if you weren't even on the market!

We just sold at 1.3% + VAT in Zone 3