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What does it cost to move home in 2024?

Buying a new home is expensive and the costs of moving can very quickly mount up. It’s worth doing your numbers before you buy a new property to make sure that it fits in your budget and you know what you’re in for.

A recent survey carried out by My Home Move Conveyancing has revealed that the average cost of moving house is an eye watering £51,784. The research also suggested that the top end of moving costs went up to as much as £86,000 for certain property types in higher cost areas (e.g. London, Manchester, and the South).

This study looked at the overall cost of moving home with the average house price in the UK which is £282,776. Costs that were included in the research included:

Property deposits are the biggest expense when moving home, at an average of 15% for most mortgage borrowers (£42,416). Most mortgage borrowers are opting for 85% Loan-to-Value mortgage deals to access better interest rates currently.

If the buyer is also selling a property, then the next highest cost is estate agency fees which are usually between 1% and 1.5% of the sale price. The average estate agency fee from the survey that was carried out was 1.42% which is £4,015 based on the average selling price.

Other significant costs were Stamp Duty which was £1,639, removal charges of £1,300, solicitors fees of £1,263, and the valuation which was £1,150, all fees added together came to £51,784.

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Property type was the biggest influence on the different cost, with flats and apartments costing £40,468 and detached houses were as much as £86,256. Another cost was for Leasehold properties which could require an upfront service charge payment of several £100’s.

Dan Sharpe-Szunko, of MoneyPeopleOnline, said “the costs of moving home have always been high and current costs for home movers are significantly higher than for First Time Buyers. Looking at the current Stamp Duty and other incentives for FTB’s, it should hopefully ease the difficulties for people getting a foot on the property ladder”.

“Unfortunately, most of these costs are totally unavoidable and trying to cut corners can be more painful than accepting them. Some home movers are trying to shave off costs by using online estate agents, low-cost solicitors, and moving home themselves rather than using a removal company. This can be a lot more painful and stressful than paying for these services”.

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