Cost of moving house soars
The average cost of moving home in the UK has risen by Â£870 during the past year, up to Â£10,996.
The 9 per cent year-on-year jump in moving expenditure is well above both the 0.5 per cent increase in inflation and the 1.5 per cent rise in average earnings.Estate agency fees were the biggest factor behind the jump, accounting for half of the increase, up by Â£402 to Â£5,404 in 2016.Stamp Duty is also up by an average of Â£372 from last year to Â£2,504, while legal fees account for Â£1,251 of the total.Removal costs are Â£1,111 on average,while Â£665 in surveyors’ fees and Â£60 for an Energy Performance Certificate all add up.An 8.3 per cent increase in house prices in the year to the end of July, according to the Office for National Statistics, accounts for much of the 9 per cent jump in moving costs.However, home buyers in some areas of the country are feeling the strain of moving more than others. London saw an increase of 18 per cent - more than five times the national average.And the south east has seen the biggest percentage rise, with homemovers having to shell out around Â£16,828 – 20 per cent more than a year ago.But in areas with more muted house price growth, moving cost increases have been correspondingly modest. Scotland saw a 2 per cent increase to Â£6,947, and the north west saw just a per cent rise. Meanwhile, in Wales the cost actually fell by Â£6 to Â£7,563.