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Cost of moving home continues to rise

With the uncertainties in the UK economy at the moment because of Brexit, it’s perhaps no surprise that people are choosing to stay in their current homes rather than looking to move. What’s interesting to note, however, is that because fewer people are moving, the actual cost of house moves is on the increase and looks set to continue to do so.

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How much does a house move cost?

The exact cost of a house move depends on the price of the house itself and where you’re moving to and from. For those considering a house move, we have put together some average figures to help you understand the costs involved in moving home.

Our calculations are based on the average house price in the UK for 2018, which was £232,797 as of August, according to the Office of National Statistics. This was an increase of 3.2% over the course of the year but the slowest rate of growth for over five years, especially in typically buoyant house markets such as London and the South East.

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How much will you need to pay?

Based on this house value, buyers will need to pay stamp duty (due on any residential property over £125,000). However, first-time buyers are exempt from this for houses under £500,000. First-time buyers also don’t have to worry about costs related to selling a home, such as paying estate agent fees for putting the house on the market.

All buyers need to pay fees when they buy a new house, including mortgage application fees and closing fees, before contracts are exchanged. A conveyancing solicitor such as https://www.samconveyancing.co.uk/ can talk you through these, explaining how much they cost and when they’ll need to be paid.

There is also the cost of the move itself. This will vary depending on whether you plan on moving yourself (in which case you’ll need to rent a van and buy moving boxes) or you plan on using a moving company. For a three-bedroom house, the average cost of a moving company is approximately £1,000. The size of your house, the amount you want to move, and where you live all play a part here, so make sure you get several quotes and take references so you know your belongings can be moved safely and securely.

 

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