The average cost of moving home in the UK ranges from £6,131 in Northern Ireland to a whopping £32,092 in London, according to Lloyds Bank.
What’s the latest?
The cost of moving home in the UK has soared to more than £11,500 on the back of rising house prices.
The associated outlay when buying a new property now stands at an average of £11,624, a hike of £628 (6%) on the past year and £2,029 more than a decade ago.
Estate agency fees account for the bulk of the bill at £5,571, followed by stamp duty at £2,897, according to Lloyds Bank.
Home movers can also expect to pay £1,290 in conveyancing fees, £1,141 on moving their furniture, £665 on a survey and £60 for an Energy Performance Certificate.
Andrew Mason, mortgages product director at Lloyds Bank, said such increases were making it 'more difficult' for people to move home.Above: How about this luxurious property for capital living? Located in Kensington, London, this 10-bedroom detached house includes a lift and garage. POA
Why is it so expensive?
The continued rise in house prices is the main factor behind the driving up of moving costs, as estate agency fees, stamp duty and conveyancing fees are all typically charged as a percentage of a property’s sale price.
The average mover's stamp duty bill has increased by 16% to stand at £2,897.
Estate agency and conveyancing fees are both also 3% higher than they were last year.
Who pays the most?
Unsurprisingly, people living in London face the highest moving costs at an eye-watering £32,092 - nearly three times the national average.
The huge sum is mainly due to the £16,000 people in the capital typically pay in stamp duty and the £11,000 they hand over in estate agency fees.
London has also seen the biggest jump in the cost of buying a new home, with expenses soaring by 47% during the past 10 years.
The south east is in second place, with moving costs adding up to £21,373, followed by the south west, where they jumped by 21% last year alone to average £13,443.
But not all regions have been hit by a hike in the cost of buying a new home, with the associated fees dropping by 8% in Scotland and the north east last year, while they fell by 1% in Yorkshire and the Humber.
It is also cheaper to move home now in four regions than it was a decade ago, with Northern Ireland seeing the biggest decline in these costs with a 47% fall, followed by the north east at 17%, Scotland at 12% and Wales at 5%.
The steep fall has left Northern Ireland the cheapest place in which to buy a new home, with the associated costs adding up to £6,131.Above: Priced at £2.5m, this five-bedroom detached house in the Leeds village of Garforth includes equestrian stables and paddocks
Sounds interesting. What’s the background?
The cost of moving home has increased by 21% during the past decade, outstripping the 17% rise in average gross annual earnings during the same period.
According to Lloyds' research, the total cost of moving home now accounts for 34% of the average UK salary.
But those in London can expect to pay significantly more, handing over the equivalent of 73% of their annual gross pay.
By contrast, home movers in Northern Ireland only need to part with around 20% of what they earn in a year.Above: This beautiful 16th century Scottish castle, set within 4 acres of land, is three miles from Edinburgh, and on the market for £6m
Top 3 takeaways
- The cost of moving home has soared to more than £11,500 on the back of rising house prices
Estate agency fees account for the bulk of the bill at £5,571, followed by stamp duty at £2,897
- The associated costs of buying a new property have risen by £628 in the past year and £2,029 in the past decade