Moving Home: Avergage cost jumps by 6% in a year

Moving Home: Avergage cost jumps by 6% in a year

The latest research from Lloyds Bank has revealed that the average cost of moving home in the UK has increased by £628 over the past year to £11,624.

This 6% rise compares to a 2% annual growth in average earnings. Over half of the increase in average moving costs in 2017 has been due to stamp duty costs, which have risen by £393 (16%) to £2,897. Estate agency fees have risen by £1673 (3%) to £5,571 and legal costs are up by £39 (3%) to an average of £1,290.

The national average cost of moving home, however, disguises significant regional differences with the average moving costs in the South West increasing by £2,345 (21%) over the past year - four times the national increase. Moving costs in East Anglia have risen by £1,936 (18%).

At the other end of the spectrum, costs have fallen in the North East (-8%), Scotland (-8%) and Yorkshire & the Humber (-1%).

The average moving cost in London is £32,092 – nearly three times the UK average. The average homemover in the capital pays just under £16,000 in stamp duty and over £11,000 in estate agency fees.  

Northern Ireland has the lowest moving costs, at £6,131 (20% of annual average earnings).

The total cost of moving in the UK has increased by £2,029 (21%) in the past ten years from £9,595 in 2007 to £11,624 today. This is slightly greater than the percentage growth in average house prices over the decade (16%) and average gross annual earnings (17%). As a result, the total cost of moving has risen to 34% as a percentage of gross annual earnings in the past ten years.

Andrew Mason, mortgages product director at Lloyds Bank, commented: "The cost involved when moving home has continued to rise over the past year, making it even more difficult. Those looking to move in London are facing a considerable challenge with the cost involved being nearly three times the national average. The combination of both higher property prices and the rapid increase in those prices in recent years results in significantly higher moving costs."

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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