The average cost of moving home in the UK now stands at £11,624 with the average moving cost in London standing at 3 times the UK average at £32,092 according to latest research from Lloyds Bank.
The average cost of moving home in the UK has increased by £628 over the past year a 6% increase that comes at a time when the annual growth in average earnings is at 2% and the price that consumers have to pay for goods and services is up 3% (consumer price index).
Rising house prices have been the main factor behind the increase in moving costs, pushing up estate agency fees, stamp duty and conveyancing/ solicitor fees - costs all typically linked to the purchase price of properties.
Latest data show that over half of the increase in average moving costs in 2017 has been due to stamp duty costs, which have risen by £393 (16%) to £2,897. Estate agency fees have risen by £1673 (3%) to £5,571 and legal costs are up by £39 (3%) to an average of £1,290.
The total cost of moving in the UK has increased by £2,029 (21%) in the past ten years from £9,595 in 2007 to £11,624 today. This is slightly greater than the percentage growth in average house prices over the decade (16%) and average gross annual earnings (17%). As a result, the total cost of moving has risen to 34% as a percentage of gross annual earnings4 in the past ten years.
Original source - http://www.lloydsbankinggroup.com