Moving house in London costs £27,946 on average
- Credit: Archant
The cost of moving home has leapt by 59 per cent over the last decade to reach an average of £12,000 across the country, and £27,946 in London by the end of 2014.
The moving cost figures included stamp duty, estate agent and surveyors’ fees and removals, which came to £11,894 by the end of 2014, according to a study compiled by Post Office Money and the Centre for Economics and Business Research (Cebr).
It said that in 2004, these costs came to £7,475, meaning they have increased by 59 per cent over the subsequent 10 years.
This rate of increase was around double the 29.4 per cent growth in living costs between the end of 2004 and December 2014, according to the Consumer Prices Index (CPI) measure of inflation, the research found.
The study, which was partly based on Office for National Statistics (ONS) figures, took the changes to stamp duty in December 2014 into account.
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Despite the tax being made cheaper than it was previously for the majority of home buyers who are liable to pay it, house price increases over the last decade have pushed many properties into higher stamp duty brackets.
The study said that people moving in the South East of England had been hardest hit by increased moving costs, which had jumped by 97 per cent over the last 10 years to reach £16,510 in 2014.
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London remains the most expensive place to move home, with the average cost totalling £27,946, while Northern Ireland is the least expensive, with average costs put at £6,453.
Moving costs are set to rise even further but the research also found that 84 per cent of prospective homebuyers were under-estimating the cost of moving.
A survey of 500 people looking to buy a home in the next three years found the average amount they expected to need for moving costs was a little over half the likely actual cost, at £6,895.
John Willcock, head of mortgages at Post Office Money, said: “With prospective home buyers’ attention firmly fixed on saving for a deposit, the additional costs of moving can often come as an afterthought - particularly for first-time buyers who are taking their first steps on the property ladder.
“Although house prices may continue to rise there are steps buyers and movers can take to reduce the amount they pay on top of this.
“Planning ahead is essential and potential home buyers should be setting aside savings specifically for these costs.
“These ‘add-ons’ should be considered as part of the overall cost of buying or moving home.”