That doesn't sound too bad, just a teensy weensy half-percent increase. In estate agents' parlance, it would be termed a charming little "bijou" increase.

But that little half percent is actually worth two grand in real money when you are selling a house worth 400,000.

Or four grand for an 800,000 property . . . before VAT.

It has also drawn attention to how much estate agents charge in the first place. Their total bill, at 1.5% of the above properties, would come to 7,260 and 14,520 (including VAT).

That's an extraordinary sum to pay someone for giving a bit of palaver and telling you something you probably know already . . . the value of your home. And it begs the question: do we really need 'em?

At these prices, the answer is, not really. And the argument for using an estate agent is becomes less pressing as the market heads south.

When prices were shooting up in a busy market, using an estate agent or auctioneer would probably have been recommended. They earned their crust showing multiple potential buyers around and using their skills to extract as much as possible from them.

They were largely responsible for very successfully ramping up prices. But what about now, when there are hardly any buyers?

Nothing shifts prices downwards faster than a whiff of desperation in the seller. And even if you have all the time in the world to make a deal, estate agents do not. As the formerly hectic property market grinds to a halt, so has their fee income . . . hence Sherry's ill-advised price increase (which positively reeks of desperation). Yet they still have outstanding payments on that big Lexus or Beamer they bought during the boom.

Estate agents lately have been talking down prices to sellers, while talking them up in the media.

As prices fall, buyers need reassurance that they are not paying over the odds for something that's going to drop in price. Why not cut out the middle man . . . the estate agent . . . and use his substantial wedge to give a better deal both to yourself and the buyer?

Selling your own house is not a daunting prospect. In fact, you could even set yourself up as an estate agent for the fees they charge, though now probably is not the best time to go into the auctioneering business! But you don't have to go this far.

First you need a sign, which can be bought from several DIY property sales websites that have sprung up lately.

One of these, www. sellityourself. ie, charges 195 for a package including a sign and an ad on its site. However, with only around 250 properties listed, it's hardly going to shift your home if you are in a hurry to sell.

The real value for your money is the sign (you could also ring around signage companies to see if you can get a better deal).

Next you need to advertise . . . something you have to pay for anyway even if you go through an estate agent. And this is where estate agents score a point or two. One of the biggest property websites in the country, myhome. ie, appears to be still reserved for estate agents.

However, you can still advertise yourself through newspapers or a rival website, Daft. ie, which claims to be the biggest with over 40,000 properties for sale.

The question we should be asking is not be whether estate agents deserve a whopping increase, but how did they get away with charging so much in the first place?

The answer is that they express their fees as percentages . . . and most people simply can't get their heads around this. They go mad about bank charges costing a few cent because those are expressed as cash. Then they don't bother to shop around for a mortgage because that price is expressed in a percentage. And the differences between providers appear as teensy weensy numbers that appear to be negligible. Yet even a fraction of a percent of something as humongous as a mortgage will cost you thousands of euro . . . more than several lifetimes worth of bank charges.

Fee-based investment advice has yet to take off in Ireland. Most people abhor the idea of handing out a couple of hundred euro in cash for advice that could decide their financial future.

But they quite happily part with thousands more than that . . . as long as it is hidden in an apparently small percentage commission of their investments.

This is despite the fact that percentage-based commission is more dubious because advisers just might be tempted to steer you towards the products with the fattest commission. And percentage-based commission can rack up to many thousands of euros.

Estate agents' practices of also charging percentagebased fees has reaped them staggering increases as the property market shot into the stratosphere.

And this has been eyed enviously by other professions. Architects and engineers increasingly try to extract a percentage.

But why stop there? Why don't builders, roofers, glazers, brickies and plumbers do the same? They all help maintain the value of your home. Why not charge a percentage of it?

So if ever your plumber gives you a bill that at first glance looks extremely reasonable at a piddling 1.5%, check to make sure that it's not a percentage of your property value.

CUTTING OUT THE MIDDLE MAN: THE SAVING

House Value Cost of selling yourself* Estate agent cost**
150,000 195 2,723
200,000 195 3,630
250,000 195 4,538
300,000 195 5,445
350,000 195 6,353
400,000 195 7,260
450,000 195 8,168
500,000 195 9,075
750,000 195 13,612

* Fee for kit, including sign + advertising on www. sellityourself. ie * * Based on 1.5pc commission plus VAT at 21pc Note: estate agent's fees may be negotiable.

Source: www. sellityourself. ie