Millions of Britons out of pocket due to ‘out of date’ home buying and selling

BRITAIN’S antiquated method of buying and selling homes is out of touch, out of date and is leaving millions of Britons out of pocket, according to a new report.

The sky-high cost involved in putting a property up for sale and completing a purchase is the biggest gripe among owners, the latest research from online estate agent Purplebricks Group PLC (LON:PURP) showed.

Paying thousands of pounds in commission, usually as a percentage of the value of the property being sold, was seen as unnecessarily expensive by more than one in three.

And the level of stamp duty was regarded as “annoying” by 28per cent of house seekers.

Overall one in four house owners believed they paid too much in finding and moving to a new home.

Commission, legal fees and taxes were top of the list of charges that prospective buyers and sellers hated paying the most, the report found.

The changing way people look for property and the service they expect to receive was revealed by the study commissioned by Purplebricks which questioned over 1,000 owners about their views on buying and selling the home.

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