MOVING house now costs homeowners more than £12,000 on average for the first time, according to Lloyds Bank.
It found that movers will need to part with a huge £12,110 to change properties – up another £486 on last year.
It 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.
Other costs include surveyors’ charges, removal vans and conveyancing.
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.
How to cut the cost of moving house
HERE are some tips from property experts, Zoopla, 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.
- Haggle – Always try to drive down the price of your dream home, especially if it means dropping below a stamp duty threshold. 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.
This total – nearly three times the UK average – is driven by the cost of stamp duty, the bank said.
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.
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.
LATEST ON HOUSE PRICES
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 a year than renting but you’ll still need a £51,000 deposit.
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