Moving home costs soar in a decade

Date: 27/03/2007 15:01

printer icon  (Printer friendly version)

article image
It now costs an average of £9,486 to move home, according to new figures.

Research from Propertyfinder.com revealed that the cost associated with moving to a new property, including legal fees and stamp duty, was up from £2,925 in 1996.

The figures showed that estate agent fees were up to £3,027 from £1,257 ten years ago, while it cost an average of £450 for removal costs, compared to £376 previously.

Stamp duty, however, saw the largest increase – going up from £543 in 1996 to an astonishing £5,0009 in 2006.

Warren Bright, chief executive of Propertyfinder, said: "On top of rapid house price inflation, home sellers have to contend with the soaring costs of moving home.

"The largest factor is stamp duty, which now accounts for over half of moving costs on the average home and has risen almost tenfold in ten years."

Mr Bright added that the relatively high moving costs have contributed to the housing market's supply shortage.

"Now that transaction costs, especially stamp duty, are prohibitive, people are more reluctant to move, or are making fewer, bigger jumps up the ladder," he said.


InsureandGo
offers great value home insurance.

Looking for a comment?

For any queries relating to this please contact press@insureandgo.com, or call 0844 888 4793.

What our customers say about us

Please visit our client testimonials page.