Vendors looking for alternative ways to sell property

A new report has found that the
cost of moving house is now 70 per cent higher than it was a decade ago and now
stands at £9,000.  House moving
costs are now equivalent to 27 per cent of the average UK full time wage
compared to 23 per cent in 2011.

Increasing numbers of vendors are
therefore looking to cut their moving costs by considering low price
alternatives to traditional ways of selling.

Estate agent’s fees remain the biggest cost of moving

The report from Lloyds TSB
considered the costs of moving home in terms of estate agent’s fees, stamp
duty, solicitor’s costs, survey fees, removal costs and mortgage arrangement
fees.

Estate agent’s commissions remain
the biggest proportion of the total cost at 38 per cent (or an average £3,400)
with stamp duty following behind at 21 per cent (or £1,876.)

The Lloyds report found that the
average home moving bill is up 69 per cent on a decade ago, while the average
house price was up 64 per cent.

Suren Thiru, housing economist at
Lloyds TSB, said: “With the costs associated with completing a home move in the
UK rising substantially over the past decade, the task for those looking to
move home has undoubtedly become more challenging.

“The significant rise in home
moving costs is particularly concerning at a time when demand in the UK housing
market is weak.”

Sellers seeking more cost-effective ways to market their homes

With costs having risen sharply
it is no surprise that sellers have looked to alternative ways of marketing
their property.

Finance expert Simon Lambert told
the Daily Mail that negotiating
estate agency fees was a great way to save money.  He added: “Even better, you could opt to try and sell your
home yourself, either through a listings website, or a flat-fee agent. This
could save you thousands.”

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