The cost of moving home in the UK has hit a record high of £10,414 in 2019, according to reallymoving’s annual ‘Cost of Moving’ research.
Rising stamp duty bills (4%) and conveyancing fees (5%) are reportedly the key elements driving up costs for homeowners, which can be attributed to a marginal 1% annual rise in house prices.
Rob Houghton, chief executive of reallymoving, said: “Homeowners are having to dig deeper than ever before to fund a home move, with upfront costs reaching another record high in 2019.
“A marginal annual increase in house prices has led to higher stamp duty and conveyancing bills, meaning movers now have to find almost £10,500 which is a significant chunk of cash to raise from property equity or personal savings, on top of their deposit.
“While first time buyers across most of the UK are benefiting from the stamp duty exemption, as a result of higher prices those in London are still having to find over £5,500 to fund a move, which is a daunting figure for anyone starting out on the path to home ownership.
“Stamp duty charges may be fixed, but it is possible to make savings on other costs such as conveyancing, surveys and removals by shopping around online for the best deals and comparing ratings and reviews, as well as price.”
Stamp duty now makes up almost half (44%) of the total cost of a home move, rising to 65% in the capital.
Homeowners who are both buying and selling, now pay on average £4,625 in stamp duty which is based on the median property value.
Conveyancing costs stand at £1,490 including Land Registry fees.
Home movers in London face the greatest cost of moving, with the upfront costs associated with buying and selling a home in the capital now at £24,585 which is 2.5 times more than the UK average.
Northern Ireland and the North East are the least expensive locations for home movers.
Moving costs for first-time buyers across the UK are considerably lower at an average of £1,613, thanks to the exemption of stamp duty for first-time buyers on properties up the value of £300,000.