The cost of moving home has soared to £12k – here’s how to cut your bill
Rising house prices, stamp duty, estate agency fees, surveyors' charges, removal vans and conveyancing, mean homeowners are paying £486 more to move house than last year
MOVING house now costs homeowners £12,110 on average, according to Lloyds Bank.
The costs, which include solicitors' fees, conveyancing and removal vans, has gone up another £486 on last year, from £11,624.
The bank blamed rising house prices as the main factor for the increase of moving costs, pushing up other outgoings which are linked to changing homes such as stamp duty and estate agency fees.
The average cost of moving in the UK has increased by £2,890 since 2008 when it stood at £9,220.
Unsurprisingly, London is still the priciest place to move house, with an average cost of £33,741 - another £1,649 on moving bills compared to last year.
This total - nearly three times the UK average - is driven by the cost of stamp duty, the bank said.
How to cut the cost of moving house
HERE are some tips on how you can save cash when it comes to moving:
- Compare estate agents - Most estate agents charge a percentage fee, which can be anywhere between 0.75 per cent and 3 per cent plus VAT of the agreed selling price for your home, so don't be afraid to shop around and get a better deal, say the property experts at.
- Haggle - Always try to drive down the price of your dream home, especially if it means dropping below a stamp duty threshold. If you're buying a new-build, ask to see if the developers will throw in some extras, like furniture, fittings or a parking space, especially if the won't budge on the price. You can also negotiate with solicitors on fees too.
- Pack yourself - Removal firms save you legwork but doing it yourself cuts costs.
- Sell unwanted furniture - Use packing as an opportunity to clear out any of your unwanted furniture. But instead of throwing it away, try selling it on sites like eBay or Facebook Marketplace for a bit of extra cash.
- No stamp duty - First-time buyers don't have to pay stamp duty on properties valued up to £300,000, or only 5 per cent tax on homes priced between £300,000 and £500,00. If you are unsure how to figure out how much stamp duty you will pay on a property that does the maths for you.
The West Midlands saw the biggest increase in moving cost which rose 8 per cent since last year to £10,893.
Movers in East Anglia were also hit by a staggering jump in costs, with the price paid on average rising 5 per cent on last year to £13,598.
Northern Ireland has the lowest average moving cost, at £6,156, while it costs £6,171 to make the change in Scotland and £6,955 in Wales.
Over the past decade, the national average for the price of moving house jumped by 31 per cent from £9,220 to £12,110.
To put it into perspective, house prices rose by 26 per cent while wages went up by only 18 per cent in the same period.
LATEST ON HOUSE PRICES
Andrew Mason, mortgages director at Lloyds Bank, said: "It's important to consider the full costs involved when going through the home moving process and make sure all bases are covered to avoid any unexpected shocks at the time."
The calculations on moving costs used figures from a range of sources including Halifax and the Office for National Statistics.
Four cities across the UK have seen house prices shoot up by more than 50 per cent since the financial crash in 2008.
Meanwhile, the prices of London properties have stalled for the first time in eight years.
Owning a home is £2,270 cheaper a year than renting but you'll still need a £51,000 deposit.
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