You are here: Home - Mortgages - Remortgage - News -

It now costs more than £11k to move home

Written by: Christina Hoghton
The average cost of moving home in the UK has risen by £628 over the past year to £11,624, while in the capital you'll need £30k to cover the expense.

This significant 6% rise comes at a time when the annual growth in average earnings is just 2% and the price we pay for goods and services is up 3%, according to Lloyds Bank.

The main reason for the increase in moving costs is rising property prices, which are pushing up estate agency fees, Stamp Duty and conveyancing fees, all three of which are usually linked to the purchase price.

Over half of the increase in average moving costs in 2017 has been due to Stamp Duty, which has risen by £393 to £2,897.

Estate agency fees have also jumped by £1,673 to £5,571 and legal costs are up by £39 (3%) to an average of £1,290.

South West hike

Average moving costs in the South West rocketed by £2,345 (21%) over the past year, said Lloyds Bank – four times the national increase of £628. Moving costs in East Anglia also shot up, rising by £1,936 (18%).

At the other end of the scale, and the country, costs have fallen in the North East (-8%), Scotland (-8%) and Yorkshire and the Humber (-1%), reflecting property price differences in these areas.

The average moving cost in London is £32,092 – nearly three times the UK average. The average homemover in the capital pays just under £16,000 in Stamp Duty and over £11,000 in estate agency fees. This cost of moving in the capital equates to a substantially higher proportion of annual gross earnings than nationally: 73% against 34%.

Northern Ireland has the lowest moving costs, at £6,131 (20% of average earnings).

Andrew Mason, mortgages product director at Lloyds Bank, said: “The cost involved when moving home has continued to rise over the past year, making it even more difficult.

“Those looking to move in London are facing a considerable challenge with the cost involved being nearly three times the national average. The combination of both higher property prices and the rapid increase in those prices in recent years results in significantly higher moving costs.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week