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The cost of moving home falls to under £7K

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28/09/2020
The average cost of buying and selling a home in the UK has plummeted by almost 40%, but not for everyone
The cost of moving home falls to under £7K

The cost of moving home has fallen by 39%, from £10,911 before the stamp duty holiday came into effect on 8th July to £6,669 after, said reallymoving.

The comparison site for moving services said the fall saves the average person buying and selling a home in the UK £4,242.

It has analysed data from 239,000 quotes in the last year to reveal that while legal fees, estate agent fees, survey and removal costs have all risen, now is the cheapest time to move home in decades because of the temporary suspension of stamp duty charges on purchases up to the value of £500,000.

This saves movers an average of £5,000, dragging down the overall cost.

However, not everyone benefits.

First-time buyers have seen the cost of buying their first property rise by 8% on average. They were already exempt from stamp duty so the current holiday doesn’t benefit them. Instead, they are impacted by an increase in associated moving costs.

What costs have increased?

The largest expense for home movers who are both buying and selling is estate agent fees, averaging £3,936 (+14% increase), followed by legal fees at £1,682 (+15%).

The cost of a survey has risen by 10% to £450 and removals charges have also increased by 3% to £546. The cost of an Energy Performance Certificate (EPC) remains unchanged at £55.

Regional savings

The cost of a move in London has more than halved from £25,255 before the stamp duty holiday to £12,061 after – a saving of 52%.

Big savings are also enjoyed by movers in the South East (-53%), East of England (-47%) and South West (-40%).

The smallest savings are made in the North East (-17%), Northern Ireland (-20%) and Wales (-22%), where stamp duty was already lower to due house prices in those regions.

CEO of reallymoving, Rob Houghton said: “The cost of moving has been steadily climbing for many years but the Chancellor’s stamp duty giveaway has made now the cheapest time to move in decades for those buying and selling a property.

“There’s little let up for first-time buyers, who are facing increased house prices and greater moving costs than a few months ago, making it even harder to save enough for a deposit and to cover the up-front costs of buying a home.

“While it’s best to act quickly to take advantage of the stamp duty savings, buyers should also bear in mind that we’re probably seeing a temporary spike in house prices so for some it may be better to wait until the holiday ends when prices are widely expected to return to more normal levels.”

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