Cost of moving home reaches £31000 in some parts of Britain finds

first_imgThe average cost of moving home has reached £31,000 in some parts of Britain as homeowners see an increase of up to 14 per cent in the last year, a report has found.  Rising house prices are said to have driven the spike, pushing up estate agency, stamp duty and conveyancing fees.In London, home movers can expect to pay £4,732 more than a year ago, with the average cost of moving now £31,416.The rise is mostly due to London prices having increased by 14.5 per cent over the last year, compared with an increase of 8.5 per cent across the UK generally.The average home mover in London pays more than £15,000 in stamp duty and £11,000 in estate agency fees, the Lloyds Bank report found.Elsewhere in the UK, costs have increased by around £870, taking the average moving price to nearly £11,000.Mike Songer, mortgage director at Lloyds Bank, said: “The cost of stepping up the housing ladder has continued to rise sharply over the past year.”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.”Moving costs across the country – up nine per cent in the last year – have also increased faster than earnings over the last decade, by 25 per cent versus a 17 per cent hike in full-time earnings, the report found. Cost of moving across the UK LondonAverage moving cost: £31,416Up 18% in the last year – £4,732South EastAverage moving cost: £20,210Up 20 % in the last year – £3,382West MidlandsAverage moving cost: £9,814Up four per cent in the last year – £412East AngliaAverage moving cost: £10,973Up ten per cent in the last year – £999North EastAverage moving cost: £7,133Up nine per cent in the last year – £604ScotlandAverage moving cost: £6,947Up two per cent in the last year – £125WalesAverage moving cost: £7,563Up 0 per cent in the last year  Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *