House move costs soar by 69%

| January 27, 2012 | 0 Comments
House move costs soar by 69%

The cost of moving house is 69 per cent higher than it was in 2001, according to Lloyds TSB, with estate agency fees, mortgage fees and stamp duty responsible for most of the increase.

A typical house move cost nearly £9,000 in 2011, £3,632 more than it did a decade ago.

Some regions have experienced an even greater increase, with house moving costs rising by 132% to an average £16,637 in the South East.

The cost of moving house in London has increased by 127 per cent over the decade due to higher home values.

Londoners pay an average of £19,544 to move home, making it the most expensive part of the country.

Moving expenses are now at their highest level since 2007 when the housing market peaked prior to the credit crunch.

In contrast, the cost of moving for first-time buyers has fallen over the decade because they tend not to pay estate agents’ fees or stamp duty.

It cost first-time buyers an average of £3,334 to move house in 2011, 63% less than a decade ago.

However moving costs for first-time buyers will increase in March when the stamp duty holiday ends on properties valued between £125,000 and £250,000.

The study suggests that the high cost of moving house is particularly concerning given the downturn in the housing market.

The latest HSBC Moving Home Survey identifies a “generational divide” in the housing market.

Many younger people are unable to afford to buy their first home because of uncertainty over jobs and because lenders are demanding high mortgage deposits.

At the other end of the spectrum, many older home owners are unwilling to sell in the current climate.

According to the survey one in 10 Britons would consider moving home or buying their first home in the next six months.

Tags: house move expenses, Moving Home Survey, moving house,

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