As house prices rise, estate agency fees, stamp duty and overall conveyancing costs are pushed ever higher. As a result of the price hike, the typical cost of moving has risen by 9% to £10,996.
The hardest hit were buyers in the South East, with costs in the Capital standing at over £31,000, according the Lloyds bank report.
Commenting on the sharp rise in moving costs was Mike Songer. The Mortgage Director at Lloyds bank stated: “The cost of stepping up the housing ladder has continued to rise sharply over the past year.
“As a result, the cost of completing a home move in the UK has grown significantly over the past decade, to nearly £11,000.
“This trend is especially marked for buyers in London and the South East with the combination of both higher property prices and more rapid increase in prices in recent years resulting in significantly higher moving costs in these parts of the country.”
Growing by 25%, the rise indicates how the cost of moving has increased at a quicker rate than wages over the past decade, which have only gone up by 17% for full-time earnings.
This ultimately means that of the UK’s average salary of £25,600, 41.5% is taken up by the total cost of moving house.
Other average costs include:
- Conveyancing: 8% rise to £1,251
- Estate agency fees: 8% growth to £404
- Surveyors’ fees: 0% rise at £665
- Stamp duty: 17% rise to £2,504
- Home removal: 0% rise at £1,111
- Energy performance certificate: 0% rise at £60
