Cost of moving hits almost £52,000 – research

The cost of moving home has hit almost £52,000, according to the latest research carried out by My Home Move Conveyancing.

Homebuyers are spending an average of £51,784 to move home in the current market, although this climbs as high as £86,000 depending on the type of property transaction.

Comparison website My Home Move Conveyancing looked at the cost of moving home based on the current average UK house price of £282,776, taking into account everything from a mortgage deposit, stamp duty, conveyancing fees, survey and valuation costs, removals and estate agency fees.

The research shows that the mortgage deposit is the highest cost incurred by home movers, where they can expect to spend somewhere in the region of £42,416, based on an average mortgage deposit of 15%. 

The next biggest cost associated with moving home is the estate agency fee required when selling your existing property, coming in at £4,015 based on the average fee of 1.42% of the selling price.

The average home mover will also pay £1,639 in Stamp Duty, £1,300 in removal costs, £1,263 in conveyancing fees and £1,150 for a valuation and surveys – bringing the total cost of moving home to £51,784.

This cost does differ depending on the type of property involved in the transaction. For example, flat movers will require an average budget of £40,468, while those moving to and from a detached property will pay the most at an average of £86,256.

For leasehold purchases there may be upfront costs for a portion of service charge which can amount to several hundred.

Alistair Singer, director of My Home Move Conveyancing, said:

“Home ownership doesn’t come cheap and while first-time buyers may face the toughest task when getting a foot on the ladder, home movers will also incur a whole range of costs when looking to move up or down the property ladder.

“Unfortunately, some of the biggest costs involved with moving home are generally unavoidable, such as a mortgage deposit and Stamp Duty.

“However, with a little bit of additional effort, you can shop around to streamline other costs such as estate agency, removals and conveyancing fees and it’s always worth getting additional quotes from a range of reputable firms.

“Of course, it’s important to remember that opting for the cheapest isn’t always the best choice and a low-cost estate agent or conveyancing firm could result in lower service offerings.”

Average cost of moving home in the UK by property type:

Kindly shared by Estate Agent Today