Cost of moving reaches record high
12 September 2019
By Daisy Stephens
Our yearly cost of moving research shows homeowners are paying an average of £10,414 to move home.
The figure marks the fourth consecutive year of increases. The 2% annual rise is mainly driven by increased Stamp Duty resulting from higher house prices, and an increase in conveyancing fees.
Unsurprisingly, the cost of moving in London is higher than anywhere else in the UK – London movers can expect to pay an average of £24,585, compared to £5,513 in the North East and £7,865 in the East Midlands. As Stamp Duty is the largest portion of this average figure – an average of £4,625 – first time buyers (a large proportion of whom are exempt from paying Stamp Duty) will find the average cost of moving to be significantly lower, at around £1,613.
The cost of moving figures take into account:
- Stamp Duty Land Tax
- Estate agent fees
Rob Houghton, CEO of reallymoving, said: “Homeowners are having to dig deeper than ever before to fund a home move, with upfront costs reaching another record high in 2019. A marginal annual increase in house prices has led to higher stamp duty and conveyancing bills, meaning movers now have to find almost £10,500 which is a significant chunk of cash to raise from property equity or personal savings, on top of their deposit.
“While first time buyers across most of the UK are benefiting from the stamp duty exemption, as a result of higher prices those in London are still having to find over £5,500 to fund a move, which is a daunting figure for anyone starting out on the path to home ownership.
“Stamp duty charges may be fixed, but it is possible to make savings on other costs such as conveyancing, surveys and removals by shopping around online for the best deals and comparing ratings and reviews, as well as price.”
With the deposit and impending mortgage payments to think about, it’s no wonder that the cost of the move itself can be vastly underestimated. When you’re planning your move, be sure to use our Moving Cost Calculator
to get an idea of what the cost of moving will be for you. The amount may seem tiny in comparison to the price of the house, but remember – these fees need to be paid upfront, so don’t let them surprise you.
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Tan on 09/02/2020