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You can find the current article at its original source at http://www.guardian.co.uk/money/2013/jul/19/pay-per-view-estate-agent-wesoldcouk
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| Britain's first pay-per-view estate agent open for business | Britain's first pay-per-view estate agent open for business |
| (14 days later) | |
| Britain's first pay-per-view estate agency has launched, promising homeowners they will only pay fees if they receive genuine viewings, with a maximum charge of £539 to sell a property. | Britain's first pay-per-view estate agency has launched, promising homeowners they will only pay fees if they receive genuine viewings, with a maximum charge of £539 to sell a property. |
| Wesold.co.uk is the latest attempt to break the stranglehold that traditional estate agents have on the British property market. Most people now research properties on sites such as Rightmove and Zoopla, but estate agents still charge homeowners a commission of 1.5%-2% of the sale price to list a property and handle viewings . With average property prices now £170,000, estate agency fees, including VAT, on the typical home now add up to nearly £3,500. | Wesold.co.uk is the latest attempt to break the stranglehold that traditional estate agents have on the British property market. Most people now research properties on sites such as Rightmove and Zoopla, but estate agents still charge homeowners a commission of 1.5%-2% of the sale price to list a property and handle viewings . With average property prices now £170,000, estate agency fees, including VAT, on the typical home now add up to nearly £3,500. |
| Wesold.co.uk will charge sellers £118.80 for taking photos, drawing up a floor plan and listing the property on the major websites, plus £42 per viewing up to a maximum of £420. There will be no further fee for completing a sale. | Wesold.co.uk will charge sellers £118.80 for taking photos, drawing up a floor plan and listing the property on the major websites, plus £42 per viewing up to a maximum of £420. There will be no further fee for completing a sale. |
| Ray Boulger of mortgage broker John Charcol said he believed the concept could catch on. "The proof of the pudding will be how successful the site is in actually generating good quality inquiries, but with a maximum charge of £539 the potential saving is massive, especially for high value properties, and I can see a lot of people being prepared to try this." | Ray Boulger of mortgage broker John Charcol said he believed the concept could catch on. "The proof of the pudding will be how successful the site is in actually generating good quality inquiries, but with a maximum charge of £539 the potential saving is massive, especially for high value properties, and I can see a lot of people being prepared to try this." |
| Other low-cost online estate agencies have struggled to take off. According to the Royal Institution of Chartered Surveyors, online and private sales account for only 5% of all property sales in Britain. Emoov, Britain's biggest online-only estate agent, sold 520 properties last year with a total value of £170m, but says that business is rapidly expanding. It claims that more than £2bn a year is wasted on estate agency fees in Britain. | Other low-cost online estate agencies have struggled to take off. According to the Royal Institution of Chartered Surveyors, online and private sales account for only 5% of all property sales in Britain. Emoov, Britain's biggest online-only estate agent, sold 520 properties last year with a total value of £170m, but says that business is rapidly expanding. It claims that more than £2bn a year is wasted on estate agency fees in Britain. |
| Russell Quirk, eMoov.co.uk founder, said: "A phenomenal amount of money is being wasted every year. It's time that UK homeowners wake up, realise that the future of the property industry is online and make high street estate agents a thing of the past." | Russell Quirk, eMoov.co.uk founder, said: "A phenomenal amount of money is being wasted every year. It's time that UK homeowners wake up, realise that the future of the property industry is online and make high street estate agents a thing of the past." |
| Top mortgages | Top mortgages |
| HSBC | |
| Chelsea Building Society | Chelsea Building Society |
| HSBC | HSBC |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |