Average cost of moving home in the UK has risen by 6% in last 12 months
The average cost of moving home in the UK has increased by 6% in the last year to over £11,500, with costs in London jumping to £32,000, new research shows. The average cost is £11,624 but in the South West it has increased by 21% or £2,345 over the past year, four times the national increase and in London the average cost is almost three times the average.
Rising house prices have been the main factor behind the increase in moving costs, according to the analysis from Lloyds Bank, pushing up estate agency fees, stamp duty and conveyancing fees as all three are typically linked to the purchase price.
Over half of the increase in average moving costs in 2017 has been due to stamp duty costs, which have risen by £393 or 16% to £2,897. Estate agency fees have risen by £1,673 or 3% to £5,571 and legal costs are up by £39 or 3% to an average of £1,290.
The research shows that there are significant regional differences across UK with costs up 21% in the South West and up 18% or £1,936 in East Anglia but in the North East and Scotland they have fallen by 8% and in Yorkshire and the Humber by 1%.