The cost of moving house has more than doubled in the last decade, data seen by This Is Money shows, and will rise further when stamp duty rises next year.
In 2014, the cost of moving, including studies, legal fees, removals and stamp duty, was around £6,534.
But fast forward to today and the figure barely reaches £14,000.
For first-time buyers, the average cost of moving is £2,186, according to data from Reallymoving. This is low because they have no selling costs and, at the moment, they generally do not pay stamp duty.
Buyers and sellers are responsible for different fees. For example, buyers are responsible for stamp duty and inspection costs, while sellers are responsible for estate agency fees.
Taking all the various fees into account, realmoving claims conveyancers can expect to pay £13,978 upfront.
Expensive: RealMoving data reveals the cost of moving house in terms of money
Removal companies in London typically shell out £30,048, meaning they pay more than double the national average.
This is mainly because average property prices in the capital are significantly higher, increasing stamp duty and estate agent costs which are based on a percentage of the sale price.
The North East of England is the cheapest place to move house, with an average moving cost of around £5,492, less than a fifth of the cost in London.
In Yorkshire and the Humber, moving costs are also around £8,225 lower.
Rob Houghton, founder and chief executive of Removing, told This Is Money: ‘Raising around £14,000 in finance to move house is a huge challenge for many people, especially with the cost of living so high, making it more difficult save.
‘We have seen an increase in the proportion of first-time buyer activity in recent weeks as people accelerate their plans to take advantage of lower stamp duty before they rise next spring, but the window remains very narrow. for many. Therefore, it is advisable to budget for high stamp duty.’
For all but first-time buyers, the largest proportion of moving fees are paid by stamp duty costs, which for an average £375,000 property amounts to £6,250.
Estate agency fees are usually around £4,544. Transport costs usually exceed £2,000.
For first-time buyers, conveyancing fees typically reach £1,316, while surveying and moving costs between £425 and £445.
August is usually the most popular month for migration, while January and February are the least popular.
Moving costs will reach record levels
In the autumn budget, Rachel Reeves failed to extend temporary changes to the stamp duty threshold.
On 1 April 2025, the temporary upper threshold of stamp duty payable, currently £250,000, will revert to £125,000.
On average, the average stamp duty bill in England will increase by £2,500 to £8,750 from £6,250, taking the total cost to a record £16,478, Reallymoving said.
The price at which stamp duty starts to be charged will return to £300,000 for first-time buyers, up from £425,000 currently.
Realmoving said: “The proportion of first-time buyers paying stamp duty will double from the current 17 per cent to 39 per cent when the Government resets the £300,000 threshold on April 1, 2025.
“This represents a significant additional upfront cost at a time when first-time buyers are already dealing with high house prices and mortgage rates, as well as exorbitant rents that make it harder than ever to save a deposit.”
How to find a new mortgage
Borrowers who need a mortgage because their current fixed-rate agreement is coming to an end, or because they are buying a home, should explore their options as soon as possible.
This is a quick mortgage search link with Money’s partner, L&C.
> Find the right mortgage for you
What happens if I have to remortgage?
Borrowers should compare rates, talk to a mortgage broker and be prepared to take action.
Homeowners can sign a new contract six to nine months in advance, often with no obligation to accept it.
Most mortgage transactions allow fees to be added to the loan and are charged only when contracted. This means borrowers can get a rate without paying expensive processing fees.
Please note that by doing this and not paying off the fee once completed, interest will be paid on the fee amount for the entire term of the loan, so this may not be the best option for everyone.
What happens if I buy a house?
Those who have agreed to buy a home should also try to lock in rates as soon as possible, so they know exactly what their monthly payments will be.
Buyers should avoid overdrafts and be aware that home prices may fall as high mortgage rates limit people’s purchasing and borrowing power.
How Mortgage Costs Compare
The best way to compare mortgage costs and find the right deal for you is to speak to a broker.
Money has a long-standing partnership with free broker L&C, to provide you with free specialist mortgage advice.
Interested in seeing today’s best mortgage rates? wear This is the best mortgage rate calculator from Money and L&C To show you offers that match your home price, mortgage size, term, and specific rate needs.
If you’re ready to find your next mortgage, why not use L&C’s online mortgage finder? You’ll search over 1,000 offers from over 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with It’s Money and L&C
Please note that rates can change quickly, so if you need a mortgage or want to compare rates, speak to L&C as soon as possible so they can help you find the right mortgage for you.
Mortgage services provided by London and Country Mortgage (L&C), which is authorized and regulated by the Financial Conduct Authority (Registration number: 143002). The FCA does not regulate most buy-to-let mortgages. Your home or property can be repossessed if you default on your mortgage.
