According to research from Lloyds Bank the average cost of moving house in the UK has risen by 9% during the last year, up to £10,996. This increase is much higher than the half a percent rise in the consumer price index and the yearly growth in average earnings which currently stands at 1.5%.
The predominant reason for the increase in moving costs is higher house prices, which have a knock on effect on the costs of conveyancing, estate agency fees and stamp duty:
- Estate agent costs have risen by 8% (£402) up to £5,404 this year.
- Average cost of stamp duty is up by 17% (£372) to £2,504.
- Legal fees have risen 8% (£93) to £1,252.