UK homeowners spend £6 billion on moving

The cost of moving is now £8,248

Click to follow
The Independent Online

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."