The latest research from My Home Move Conveyancing reveals that the average cost of moving home in the UK is £51,784, although this can climb as high as £86,000 depending on the type of property transaction.
The study assessed the cost of moving based on the current average UK house price of £282,776. It considered expenses such as mortgage deposits, stamp duty, conveyancing fees, survey and valuation costs, removals, and estate agency fees.
The mortgage deposit is the highest cost incurred by home movers, with an average expenditure of £42,416 based on a 15% deposit. With fewer mortgage deals requiring low deposits, a higher deposit often secures a better mortgage rate.
The next significant cost is the estate agency fee for selling an existing property, averaging £4,015 based on a typical fee of 1.42% of the selling price.
Additional costs for the average home mover include £1,639 in stamp duty, £1,300 in removal costs, £1,263 in conveyancing fees, and £1,150 for valuation and surveys, bringing the total to £51,784.
Costs vary depending on the type of property. For instance, moving to or from a flat requires an average budget of £40,468, while transactions involving detached properties average £86,256. Leasehold purchases may also incur upfront costs for a portion of the service charge, potentially amounting to several hundred pounds.
Alistair Singer, director of My Home Move Conveyancing, commented: “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. However, with a little bit of additional effort, you can shop around to streamline other costs such as estate agency, removals, and conveyancing fees, and it’s always worth getting additional quotes from a range of reputable firms.
“Of course, it’s important to remember that opting for the cheapest isn’t always the best choice and a low-cost estate agent or conveyancing firm could result in lower service offerings. The best plan of attack is to try and balance cost and quality, recognisable by a high volume of 5-star reviews, as ultimately if your sale falls through it will end up costing you even more time and money.”
