Cost of moving home increases by 6% in just 12 months
Buyers who are moving home in the UK property market are facing increasingly high costs when they do so, according to new data, which shows that the last 12 months have seen a marked rise.
Analysis from Lloyds Bank shows that for the UK as a whole, the average cost of moving home has risen to £11,500 in the last year, marking a climb of some six per cent. Meanwhile, in London, buyers are having to pay £32,000 in costs when they move house, more than three times the national average.
Lloyds said the main factor behind this increase in the cost of moving house has been the rising house prices experienced nationwide. The fact that homes are more expensive means that buyers are having to spend more on estate agency fees, Stamp Duty and conveyancing fees, all of which are linked to the price paid for the property itself.
The data shows, however, that one of these costs, Stamp Duty, has been more instrumental in the rising cost of moving than any other. According to the findings, the average Stamp Duty charge has risen by £393 over the last year to £2,897, marking a rise of some 16 per cent in just 12 months.
At the same time, estate agency fees have climbed by just three per cent, and legal costs have gone up by a similar amount.
"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," said Andrew Mason, mortgages product director at Lloyds Bank.
"The combination of both higher property prices and the rapid increase in those prices in recent years results in significantly higher moving costs," he added.
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24-September-17General Lettings News