Submission - Regulation of Jersey Estate Agents - Anonymous 2 - 3 October 2021
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Anonymous 2
The housing market is grossly overpriced mainly because estates agents have been very keen to make even more money on property sales, my understanding is they can charge whatever they want and indeed they do, most charge 2%, so on a typical house sale of 1M they make £20,000 or 500k they make £10,000, they make more than the lawyers and conveyances put together, in many if not all cases there is no more than a few house work, so this works out to £2000 or £4000 per hour.
They need to regulated and charge no more then .25%, or in some cases .5%. I can't see how they justify the money they earn. One other point you should know, there is going to be a housing crash, and who is to blame, the estate agents.