Homeowners face £15,513 cost to upsize, Yopa finds
London recorded the highest moving costs at £47,704, followed by the South East at £24,216, the East of England at £18,353 and the South West at £16,571.
The average homeowner in England faced an estimated £15,513 in associated costs when upsizing their home, according to the latest research from Yopa.
The average flat or terraced property was valued at £231,746, compared with £372,293 for a semi-detached or detached home.
This left a price difference of £140,548.
Selling the smaller property carried estimated costs of £4,902, including estate agent fees, conveyancing, an energy performance certificate (EPC) and removals.
Buying the larger home cost an estimated £10,610, including Stamp Duty, conveyancing and a homebuyer report.
The combined £15,513 cost came before the difference in value between the two properties.
Stamp Duty was the largest single expense at an average of £8,615.
London recorded the highest moving costs at £47,704, followed by the South East at £24,216, the East of England at £18,353 and the South West at £16,571.
Costs stood at £12,028 in the West Midlands, £11,091 in the North West, £9,917 in the East Midlands and £9,057 in Yorkshire and the Humber.
The North East recorded the lowest estimated cost at £7,066.
Verona Frankish, chief executive officer at Yopa, said: “When upsizing, the obvious consideration is the difference between what your current home is worth and the price of the property you’re looking to purchase, but that’s only part of the financial equation.
“There are costs on both sides of the transaction and, when combined, the average upsizer in England is looking at more than £15,000 simply to sell their existing home and purchase the next one.
“Stamp Duty is by far the biggest contributor and this means those climbing the ladder in higher-value markets are hit particularly hard, with the cost of upsizing rising to almost £50,000 in London.”
Frankish added: “Of course, upsizing is often a necessary move as our circumstances change and our families grow, but it’s important to factor in the full cost of moving from the outset, not just the additional value of the property you’re looking to purchase.”
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