Home-moving costs spiralling with average move now costing more than £50,000

Home-movers are having to scrimp and save more than ever before with the average move now costing more than £50,000 and nearly as high as £90,000 depending on the type of property transaction, latest research from My Home Move Conveyancing reveals.

The conveyancing factory looked at the cost of moving home based on the current average UK house price of £282,776, taking into account everything from a mortgage deposit; stamp duty; conveyancing fees; survey and valuation costs; removals and estate agency fees.

HIGHEST COST

The mortgage deposit is the highest cost with movers having to splash out somewhere in the region of £42,416 based on an average mortgage deposit of 15%.

Next was the estate agency fee coming in at £4,015 based on the average fee of 1.42% of the selling price.

The average mover would then pay £1,639 in Stamp Duty, £1,300 in removal costs, £1,263 in conveyancing fees and £1,150 for a valuation and surveys – bringing the total cost of moving home to £51,784 in the current market.

But there is a big disparity depending on the type of property involved in the transaction.

For example, flat movers would require an average budget of £40,468, while those moving to and from a detached property would pay the most at an average of £86,256.

UP-FRONT COSTS

And for Leasehold purchases there may be upfront costs for a portion of service charge which can amount to several hundred pounds too.

Alistair Singer (main picture), Director of My Home Move Conveyancing, says: “Home ownership doesn’t come cheap and while first-time buyers may face the toughest task when getting a foot on the ladder, home movers will also incur a whole range of costs when looking to move up or down the property ladder.

“Unfortunately, some of the biggest costs involved with moving home are generally unavoidable, such as a mortgage deposit and stamp duty.”