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Real estate agents who pay the highest commissions overvalue homes by 20% or less to attract sellers.
Homeowners then pay higher fees when they sell at a lower price.
Alamy
An badysis of 200,000 homes listed online revealed that the main agents – including Foxtons, Hamptons International and Chancellors – were the worst offenders.
The Times' investigation revealed that the ten agents who overestimated the most the charge were twice as much on average than the ten who overestimate the least – the equivalent of £ 5,500 commission on a home £ 300,000 instead of £ 2,200.
The National Association of Real Estate Agents admitted that some "unscrupulous agents" were trying to gain markets by offering a higher price.
Henry Pryor, purchasing officer, added, "The magnitude of the overvaluation is shocking."
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Nearly 60% of the houses listed by Foxtons had to be reduced compared to the initial price, against a national average of 32%.
The company receives a commission of three per cent, more than double the national average.
Mr. Foxtons said, "We are always setting competitive prices for properties, in partnership with homeowners."
Alamy
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