You are here: Home - Uncategorized -

The £9,500 house move hits homebuyers’ pockets hard

Written by:

The average cost of moving home has gone up to £9,486 according to website Propertyfinder, which means the process has more than tripled in price in the past 10 years.

The charges are comprised mainly of stamp duty and estate agents’ fees, which have risen to an average of £3,027, keeping pace with house price inflation.

Stamp duty, however, has rocketed from an average of £543 in 1996 to £5,009 now. The tax was then levied at just 1% on properties sold for more than £60,000, but the average house price was £64,441 so many people escaped paying it altogether.

Removal costs are in the £450 region, while legal fees add another £1,000 to the bill.

Warren Bright of Propertyfinder said: “In the past, when costs were lower, there was little to prevent people from making a number of small steps up the housing ladder.

“But now that transaction costs, especially stamp duty, are prohibitive, people are more reluctant to move, or are making bigger, fewer jumps up the ladder.”

Essex-based property consultant John Cornell said: “The average cost of a home in the UK is now over £200,000, so very few people escape paying the stamp duty when they make their UK investment into property.

“This has added considerably to people’s moving costs and as a result I think there is less ‘intermediate’ moving as homebuyers slowly ascend the ladder rung by rung. After all, if you are paying almost £10,000 per move it makes you think twice.”




Related Posts


Tag Box




Financial fitness

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.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
EDITOR’S BLOG: Gordon browns us off with his Budget

It’s that day of the year when financial journalists, quiet and relaxed people for the most part, get mildly ruffled...