A new survey suggests that the cost of moving home has increased by as much as 13% over the last year alone, with England seeing the highest moving cost at £51,826, driven by today’s changes to stamp duty relief thresholds.
Research by online agency Yopa suggests that a year ago, the average home mover would have paid £2,028 in stamp duty, but with the government failing to extend relief thresholds beyond March 31st, the average cost of stamp duty now sits at £4,528.
Conveyancing costs have increased by 12.5% annually, now averaging £1,364, with the average mortgage payment of £1,432 up 3% annually, whilst removal costs have increased by 1.3% to £917 on average.
At a total of £34,429, home movers in Wales face the second largest cost when moving home, with the cost of conveyancing (£1,228) the highest cost incurred after placing a mortgage deposit.
Conveyancing costs have also seen the largest increase across Wales at 9.5%, however, the nation has seen the smallest overall increase in the cost of moving of all UK nations at just 3.2%.
Scotland’s version of stamp duty – called Land and Building Transaction Tax – is the moving cost that has seen the largest increase year on year, largely due to increasing house prices, up by 39%, with the average cost of removals also up 14.1%, although again, it’s conveyancing that costs Scottish homemovers the most after a mortgage deposit at an average of £1,163.
All in all, the average initial cost of moving home across Scotland now sits at £32,172, having climbed by 7.8%.
And whilst Northern Ireland is home to the lowest overall cost of moving at £31,353, this cost has increased by 13.2% over the last year – the largest overall increase of all UK nations.
This article is taken from Landlord Today