Cost of moving home hits over £10K
The cost of moving home in the UK has rocketed to a record £10,414 in 2019, according to reallymoving.
The comparison site for home move services analysed data from 990,000 quotes in the last year to reveal that rising Stamp Duty bills and conveyancing fees are driving up costs for homeowners, which can be attributed to a marginal 1% annual rise in house prices.
Stamp Duty now makes up almost half (44%) of the total cost of a home move, rising to 65% in London.
Homeowners, who are both buying and selling, now pay on average £4,625 in Stamp Duty, based on the median property value, while conveyancing costs stand at £1,490 including disbursements and expenses, such as Land Registry fees. Removals charges have also increased by 1% over the last year to £480 on average.
The cost of an Energy Performance Certificate (EPC) remains unchanged at £55, but other expenses have dipped slightly over the last year, such as a Homebuyers Report which now costs £408 (-4%) and estate agent fees at £3,356 (-1%) as suppliers compete for business in a smaller market.
Homemovers in London pay the most to move house at £24,585 – almost 2.5 times the UK average.
The South East, East and South West are also among the most expensive regions for movers, with the East and West Midlands sitting in the centre of the table.
Movers in Northern Ireland and the North East pay the least to move home, as a result of lower house prices enabling greater fluidity in the housing market.
And first-time buyers pay less because of their exemption from Stamp Duty, pulling down their total moving costs to just £1,163.
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.”