Nearly £10 billion was spent on moving in the UK last year – with the average UK home mover also facing an additional £9,580 in moving costs.
Removal company comparison website Compare My Move (reported by Houseladder.co.uk) analysed UK housing data to uncover the hidden costs of moving. These costs include:
- surveying and estate agent fees;
- stamp duty;
- removal costs
- fixed fees (for example, an energy performance certificate).
A spokeswoman for the company said: “When it comes to buying or selling a house, the last thing you need are unexpected extra costs.
“Clarity on costs is key, and knowing exactly how much you need to save can help keep your dream house from becoming a nightmare”.
Stamp duty is still responsible for the bulk of moving home costs. But with the recent stamp duty changes for first time buyers (where stamp duty was cut for properties costing under £300,000), many UK first-time buyers (FTB’s) were in a better position at the end of 2017 than the start of last year, paying on average £1,561 in extra costs to move.
An exception to this was those FTB’s buying in London, where the average cost of a first home is higher than the £300,000 stamp duty threshold. This equated to a substantial £7,765 bill for movers in 2017.
In 2017, the cheapest region for first-time buyers was Scotland, with the cost of moving at £1,331.
For existing homeowners, the average cost of buying and selling a property in London tops the regions, making up a staggering £28,714 in extra costs in 2017.