Cost of moving home reaches £8,689
The firm said the typical homeowner with a mortgaged property would shell out such a sum on stamp duty, estate agency fees, surveyors, home removal services and conveyancing.
The £8,689 figure was 5% – or £431 in cash terms – higher than the previous year. It said the rise was largely down to increased fees charged by surveyors and estate agents.
The combination of this rise in cost and a more active housing market meant Brits spent a total of £7.5bn on moving home in the last year, 15% higher than 2013’s figure.
Compared to a decade ago, the average home move costs 15% more today.
Across the UK there were wildly different costs associated with moving. For example the average mover in London spent £23,116, more than four the typical spend in the North East of England (£5,661).
Northern Ireland was the cheapest place to switch between properties, with the typical move costing £5,181. In Wales the figure was £6,908 and in Scotland the average cost was £6,225.
Andy Hulme, mortgages director at Lloyds Bank, said that people looking to move homes must factor in all the additional fees, not just the purchase price.
“With the cost of moving at its highest level since 2007, people struggling to cover the costs should look to make savings wherever they can,” he said.
“The recent changes in stamp duty should help buyers reduce their overall cost of moving, which can be a significant boost.”