Cost of moving home up by 6% in a year
The cost of expenses associated with moving home now stand at an average of £8,248, an increase of 6% in the past year, the report by Lloyds Bank said.
The rising cost was driven by increases in stamp duty, estate agency costs and legal fees, which rose by 7% in the last 12 months.
These fees, which are typically impacted by rising house prices, make up the bulk of the cost, as removal costs and surveyors fees remained static.
The average spend on stamp duty and estate agency fees now stands at £2,001 and £3,601 respectively.
Marc Page, Lloyds Bank mortgage director, said: “The cost of moving can be an expensive one, and rising house prices have had an impact on this with more property sales now within higher stamp duty brackets.
“On top off the cost of moving, homemovers also need to consider the costs involved with changing mortgages, such as product and administrative fees.”
Unsurprisingly, people in London and the South East pay the most when moving, with the average cost now topping £20,825 and £16,187 respectively.
Higher house prices have driven these increases – the average home mover in London pays £10,850 in stamp duty and £6,510 in estate agency fees.
Significantly, the cost of moving in London equates to nearly half (47%) of the average gross full time earnings (£43,866) of London residents.
The most affordable place to move house is in Northern Ireland, where the average cost is £4,253, – or 15% of average gross earnings.