UK homeowners spend £6 billion on moving

The cost of moving is now £8,248

A  rise in moving costs and an increase in home sales in the last year means that the total amount spent on moving has grown from £5.2 billion in 2012 to £6.6 billion in 2013, says a new report.

Research from Lloyds Bank suggests that the cost of moving house now stands at an average of £8,248, a rise driven by increases in stamp duty, estate agency fees and legal fees. The average amount spent on stamp duty and estate agency fees is £2,001 and £3,601 respectively.

In the last decade, the total cost of moving has increased by nearly a quarter, compared to house price rises of almost a third.

Moving for those in London and the South East is even more expensive, with the average cost now £20,825 and £16,187 respectively. The average homemover in London pays £10,850 in stamp duty and £6,510 in estate agency fees.

The South East has seen the highest rise in the cost of moving over the last 10 years, with an 85 per cent increase from £8,773 to £16,187.  The most affordable place to move house is in Northern Ireland, where the average cost is £4,253 - the cost of moving in Northern Ireland has fallen by 15 per cent too, as the average house price has dropped below the level at which stamp duty is paid, significantly reducing the total cost.

Marc Page, Lloyds Bank mortgages 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 of the costs of moving, homemovers also need to consider the costs involved with changing mortgages, such as product and administration fees.

"However, as earnings have also risen in the last ten years at a higher rate than the cost of moving, at a national level the relative cost of relocating to a new property is actually lower than it was in 2003."

Discover more property articles at Homes and Property
PROMOTED VIDEO
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Key Account Manager

Negotiable: Recruitment Genius: A really exciting opportunity has arisen for a...

Recruitment Genius: Multi Trade Operative

£22000 - £24000 per annum: Recruitment Genius: An established, family owned de...

Recruitment Genius: Customer Services Assistant

Negotiable: Recruitment Genius: An exciting position has risen for a Customer ...

Recruitment Genius: Tour Drivers - UK & European

Negotiable: Recruitment Genius: This is a fantastic opportunity to join a is a...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project