Homeowners fork out nearly £14,000 when selling one home and buying another. And brace yourself: that figure is set to rise from April 2025, when stamp duty thresholds change.
Have you ever found yourself wringing your hands at the sheer cost of moving home? The estate agent’s fees, solicitor’s costs, property survey, removals team, the EPC…oh, and stamp duty. Moving home can drain that piggy bank pretty quickly.
Well, the cost of moving home has more than doubled in the last decade, according to Reallymoving.
The process of selling a home and buying another one costs an average £13,978 in upfront expenses – up from £6,533 in 2014. At £2,186, the cost is less eye-watering for first-time buyers, who don’t have to factor in selling a home.
Spare a thought for Londoners who fork out more than twice the national average to move home: a whopping £30,048. The cost is driven up by higher house prices, which feed into stamp duty and estate agent’s fees.
Meanwhile those in the north east pay the least, with a home move costing £5,492. That’s less than one fifth of the cost of moving home in the capital.
But make the most of it: stamp duty thresholds are set to change in April 2025. And that means the average cost of moving home is set to climb to £16,478.
Reallymoving founder and CEO, Rob Houghton, says the firm has spotted an increase in the proportion of first-time buyer activity recently ‘as people accelerate plans to move to take advantage of lower stamp duty bills before they rise next spring, but the window will be too tight for many, so it’s wise to budget for higher stamp duty costs just in case.’
Top 10 most-wanted
I’ll tell you what buyers want, what they really, really want…and that’s space. Nearly half (46%) of Brits consider the size of rooms the most important factor when house hunting, according to research by Compare the Market. In hot pursuit is outdoor space (40%), a driveway (31%) and double glazing (29%).
And what are buyers most willing to splash out on? A high quality kitchen comes top, with buyers prepared to pay an extra £1,372 for a home with one. It’s followed by a south-facing garden (£1,339), outdoor space (£1,278) and size of rooms (£1,261).
Private outdoor space and sizeable rooms feature high in both top 10 rankings. Perhaps it’s time to turn to Country Life’s glossy property pages, where you may find some homes that fit the bill…
