UK moving costs increase faster than house prices

If you’re thinking of moving home
it’s likely you’ll have to shell out almost £9,000, according to a new report
from a leading bank.  New figures
from Lloyds, TSB have found that the average cost of moving home has risen by a
staggering 69 per cent in the last decade, while house prices have risen by
just 64 per cent.

Property expert urges home owners to bypass estate agents

The Lloyds TSB report considered
the various costs of moving home including estate agent’s fees, legal and
survey fees and mortgage arrangement charges.  The average cost of a home move now stands at £8,922.

The fees homeowners pay to estate
agents remains the single biggest cost of moving, with agency fees accounting
for 38 per cent of the total costs of moving.  Stamp duty is second with one in every five pounds spent on
moving home going in property tax.

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.”

“However, it has never been
easier to sell your own home using websites such as ours and your own marketing
skills.  You can now advertise your
home online to millions of potential buyers without paying a penny. 

“Bypassing estate agents could
save you over a third of your total house sale costs.”