UK homeowners spend nearly £30,000 moving houses during their lifetime

Londoners spend more than £75,000

Click to follow
The Independent Online

People moving house in the UK are paying around £30,000 on home moves over their lifetime, while Londoners are paying 2.5 times the national average.

According to the statistics from which launches a new Moving Cost Calculator today, the average person in the UK spends £8,264 every time they buy and sell a property. Londoners pay rather more, £20,739 each time they move due to higher Stamp Duty Tax and greater general costs.

On the basis that people in the UK typically buy four properties during the course of their lives, this comes to a total of £75,972 for London residents over a lifetime and £28,952 for people outside the capital.

The greatest cost facing the typical UK home mover is estate agent fees costing £4,104, followed by Stamp Duty Tax, costing £2,280. A further £805 is spent on conveyancing for the sale and purchase, £355 on a Homebuyer's Report survey and £60 on an Energy Performance Certificate (EPC).

The total cost of a home move is equivalent to 31 per cent of average annual national earnings, rising to 61 per cent for people moving in London, who usually fall within the higher 3 per cent Stamp Duty Tax bracket.

Total moving costs for first time buyers are substantially lower at £3,700 since they are not required to pay for estate agency fees, conveyancing on a sale or an EPC. They may also save considerably on removals having a lesser volume of possessions to move.