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£12k - the average cost of moving home

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The average cost of moving house has hit £12,000 for the first time – an increase of 4% since last year, says the Daily Mail, citing research from Lloyds Bank. 

This cost  - which is said to be a combination of higher house prices, stamp duty, estate agency fees and home removal costs - is preventing home buyers from purchasing a new property.

The study found regional differences in moving home costs with:

  • the most expensive area to move is London, costing more than £33k;
  • the South East experienced the highest increase, up 92% in a decade;
  • Londoners spending an average 72% of their earnings on moving bills  - compared with an average 34% across the rest of the UK;
  • home movers in Scotland and Northern Ireland paying an average respective18% and 20%.

The data also revealed that over the past year:

  • estate agency fees have risen by 3% (equivalent to £158) to £5,729;
  • stamp duty increases are responsible for over half of the national average moving cost increase, as prices have risen by 13% to £3,262;
  • surveyors’ costs have decreased by 15% while EPC costs have remained the same.

A spokesman from Lloyds Bank mortgage said: “A lower availability of the ‘right kind’ of homes for people trying to move up the property ladder, combined with increasing deposits required and the costs of actually moving home like estate agency fees and stamp duty are all challenges faced by those looking to take their next step.”