Cost of moving home in UK plummets by almost 40%
30 September 2020
By Andi Michael
Our Cost of Moving research has shown a huge drop in the cost of moving home. With the Stamp Duty cuts alongside this saving - could it be the right time to move?
According to reallymoving’s annual Cost of Moving research, there has been a 39% drop in the total cost of moving homes since the Stamp Duty holiday came into effect on the 8th July 2020. The average cost of moving has fallen from £10,911 to £6,669. That means movers are saving an average of £4,242.
This news comes in the face of legal fees, estate agent fees and survey and removal costs all rising between 3% and 15% respectively. What this shows us is that the removal of stamp duty on properties under £500,000 has had a significant impact on the cost of moving, making this the cheapest time in decades to think about moving homes.
London has seen the biggest benefit from these changes with average prices dropping by 52%, from £25,255 to £12,061. The South East, South West and East of England have also seen similar large drops in cost. The smallest drop has been in the North East, with a drop of 17%, with Northern Ireland and Wales having the next, lowest drops.
Unfortunately for first time buyers, the cost of moving has actually increased by 8%. This is due to FTB already being exempt from Stamp Duty for properties under £300,000, so its removal has no affect on their cost of moving and all other expenses have increased.
Due to this decrease in cost of moving, movers must now only spend 22% of their income to buy and sell, as opposed to the usual 33%. Therefore it’s a great time to start thinking about moving for so-called ‘second steppers’ or ‘first time sellers’.
For more information, look at our Cost of Moving research.
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JPH on 03/06/2021