"Unfortunately, some of the biggest costs involved with moving home are generally unavoidable, such as a mortgage deposit and stamp duty"
- Alistair Singer - My Home Move Conveyancing
My Home Move Conveyancing looked at the cost of moving home based on the current average UK house price of £282,776, taking into account everything from a mortgage deposit, stamp duty, conveyancing fees, survey and valuation costs, removals and estate agency fees.
The research shows that the mortgage deposit is the highest cost incurred by home movers, where they can expect to spend somewhere in the region of £42,416, based on an average mortgage deposit of 15%. Not only are there less mortgage deals with low deposits, the higher the deposit the better the mortgage deal you are likely to get.
The next biggest cost associated with moving home is the estate agency fee required when selling your existing property, coming in at £4,015 based on the average fee of 1.42% of the selling price.
The average home mover will also pay £1,639 in stamp duty, £1,300 in removal costs, £1,263 in conveyancing fees and £1,150 for a valuation and surveys - bringing the total cost of moving home to £51,784 in the current market.
This cost does differ depending on the type of property involved in the transaction. For example, flat movers will require an average budget of £40,468, while those moving to and from a detached property will pay the most at an average of £86,256.
For Leasehold purchases there may be upfront costs for a portion of the service charge which can amount to several hundred.
Director of My Home Move Conveyancing, Alistair Singer, commented: “Home ownership doesn’t come cheap and while first-time buyers may face the toughest task when getting a foot on the ladder, home movers will also incur a whole range of costs when looking to move up or down the property ladder.
"Unfortunately, some of the biggest costs involved with moving home are generally unavoidable, such as a mortgage deposit and stamp duty. However, with a little bit of additional effort, you can shop around to streamline other costs such as estate agency, removals and conveyancing fees and it’s always worth getting additional quotes from a range of reputable firms.
"Of course, it’s important to remember that opting for the cheapest isn’t always the best choice and a low-cost estate agent or conveyancing firm could result in lower service offerings. The best plan of attack is to try and balance cost and quality, recognisable by a high volume of 5-star reviews, as ultimately if your sale falls through it will end up costing you even more time and money.”
