Cost of moving house is £11,000
The cost of moving house has risen by nearly 10% in a year to just under £11,000, Lloyds Bank research shows.
Rising house prices is the principal factor, pushing up estate agency, stamp duty and conveyancing fees, which are all typically linked to the purchase price.
Higher estate agency fees account for more than half of the increase in average moving costs, which have risen by £4023 (8%) to £5,404 in 2016.
Average stamp duty costs have increased by £372 (17%) to £2,504 and legal costs are up by £93 (8%) to an average of £1,251.
The cost of moving is far more severe in London, where the cost of moving has risen by 18% in a year to £31,400.
The cost of moving in the capital equates to a substantially higher proportion of annual gross earnings than nationally: 72% against 32%.
Mike Songer, mortgage director at Lloyds Bank, said: “The cost of stepping up the housing ladder has continued to rise sharply over the past year. As a result, the cost of completing a home move in the UK has grown significantly over the past decade, to nearly £11,000.
“This trend is especially marked for buyers in London and the South East with the combination of both higher property prices and more rapid increase in prices in recent years resulting in significantly higher moving costs in these parts of the country.
“Lloyds Bank is committed to helping customers take their first or next step on the property ladder, and so earlier this year we launched a new ‘hassle free’ mortgage offer to help cover some of the initial costs for mortgage customers, such as purchase legals, valuation and mortgage and product fees.”