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Cost of moving home rises to nearly £12,000

Average cost of moving house rises across the UK and an increase of 6% in the South East

New research by a major banking group suggests that the cost of moving house has gone up by 6% over the past 12 months, overtaking both inflation and wage growth.

The study by Lloyds, published this autumn, found that if you combine stamp duty, the fees for your selling agent and surveyor, and the costs of conveyancing and paying the removals firm, the total sum for the average house move is £11,264.

It's a cost that's risen sharply as escalating house prices have pushed up stamp duty and associated fees linked to a property's value.

The research also highlighted considerable regional variations, from an average of just £6,131 in Northern Ireland to around £32,000 in London.

In the capital, total moving costs are typically three times the national average; they have risen by nearly half (47%) during the past decade. London is also the only part of the UK where average stamp duty is more than the fee paid to an estate agent for house valuation services and the like. Furthermore, the total cost of moving constitutes nearly three quarters (73%) of the typical Londoner's yearly gross income.

House buyers in the south west are now paying over a fifth (21%) more than they did last year, a rise reflecting the rapid growth in house prices in that part of the country. Whilst the south east shows typical total moving costs in 2017 of £21,373 - an increase of 6% on the 2016 figure.

Lloyds Bank's Andrew Mason says: "The cost of moving home has continued to rise over the last year. Those looking to move in London, in particular, face a considerable challenge, with the cost involved nearly three times the national average.

"The combination of higher property prices and the rapid rise of those prices in recent years has led to significantly higher moving expenses."

This makes it more important than ever to have a good estate agent, who will provide a cost-effective service, and work hard from the selling valuation onwards to get the best price for your home.

If you live locally and are looking for an estate agent based in Crawley, then Moore and Partners draws on its nine decades of combined experience to provide a high-quality service. Talk to us today on 01293531721 or email us on crawley@mandpproperty.co.uk

Published on 18 October 2017