Just Move In: Stamp duty savings could reduce moving costs in England by £2,465
Almost half (46%) of homebuyers in England will have no stamp duty to pay, following the temporary freezing of the duty for properties below £500,000, which could equate to an average saving of £2,465 to be put towards moving costs, according to research by Just Move In.
Just Move In looked at the stamp duty saving in each local authority of England based on the current average house price, and offset this against the cost implications of moving, such as as surveyors, valuation fees, conveyancing, hiring a removal firm and even postal redirection.
The research found that it costs an average of £2,962 for homebuyers to move house; with an average stamp duty saving of £2,465, the average home buyer could see a reduction in the cost of moving to £497 in England.
In St Albans, the average cost of moving home was found to be £3,206; when this is offset against a stamp duty saving of £14,694, homebuyers could move for ‘free’ and still gain £11,488 in savings.
In Windsor and Maidenhead, the same cost of moving and a stamp duty saving of £14,525 would mean homebuyers could save £11,319; the same applies in Southwark (£11,224) and Mole Valley (£11,216).
In Kingston, Merton, Three Rivers, Tower Hamlets, Lambeth and Chiltern, the cost of moving is between £3,206 and £4,855 on average.
Offset against stamp duty savings of as much as £15,000, homebuyers in those areas could still make a five-figure stamp duty saving once these costs have been accounted for.
For those moving to Kensington and Chelsea, the cost averages £72,350; the stamp duty saving of £15,000 only reduces the cost of moving house rather than eradicating it.
Ross Nichols, founder and CEO of Just Move In, said: “As well as being an incredibly stressful process, moving home can also throw up all sorts of hidden costs that homebuyers may not have considered, planned or budgeted for.
“The great news for the vast majority is that these costs will no longer trip them up as they can be easily taken care of with the stamp duty saving on offer.
“That said, this saving can be further enhanced by making sure we’re receiving the best deals in other areas of the moving process, such as our broadband, TV and energy suppliers.
“Just Move In can take care of the leg work in this respect. So all that’s left is for you to unpack, sit back and enjoy the extra money in your pocket.”