The Money Stop

People selling their home in the UK are currently making savings because the market is so competitive but all of that is about to change.

According to mortgage provider the Woolwich, sellers are managing to save money by striking deals with agents who are keen to see the property on the market.

This is despite the fact that property prices have risen by 11.1 per cent in the past year.

“The market definitely favours sellers at the moment and the lack of property on the market is helping them negotiate deals with estate agents and, to a lesser degree solicitors, as agents are desperately trying to find enough good quality property to satisfy the increasing demand,” said Andy Gray, head of mortgages at the Woolwich.

“As a result the cost of moving for sellers has decreased by approximately ten per cent since last year ¬¬- it now costs on average £4,666 to sell a home compared to £5,181 last year.”

Although sellers are currently saving on the costs of moving, experts are predicting that this will change when it becomes compulsory for home sellers to provide home information packs (Hips).

The new rules come into effect on June 1st 2007, with Hips set to cost a seller in the region of £500.

Although the cost of Hips is clear, the Woolwich claims that 77 per cent of estate agents do not believe they will improve the house-buying process.

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