Most people hugely underestimate how much it costs to move house. A survey of 500 people showed that most people expect to pay under £7,000 for their move, but in reality it’s 2-4 times that amount. Since the deposit needed to buy a house is now so high, buyers are focused on saving up for that initial stage and can be blindsided by the other costs – especially since expenses like stamp duty can’t be factored into the mortgage amount. Some buyers have actually had to take out additional loans or credit just to cover that additional amount.
The Real Cost of Moving
The cost of moving in the UK averages at £11,894 – a 59% increase in the last decade. Those costs include:
- Stamp duty of £3,620
- Estate agent fees of £5,214
- Surveyors at £607
- Conveyancing fees that come to £1,419
- Removals that cost £1.034
The increases on these fees are between 21% and a huge 87%, so they come as a shock for people who are already on the housing ladder and may have moved 5-10 years ago when the cost was a lot cheaper. In the south east, the figure goes up to £16,510.
Moving House in London
Like everything else, the cost of moving in London is much higher than in the rest of the country. Rather than paying the average of around £12,000, Londoners can expect to pay £27,946 just to move home.
This is largely because the house prices are much higher that in the rest of the country; stamp duty and estate agent fees are calculated as a percentage of the house value, pushing the figures up dramatically.
Alternatives to Moving Home
Rather than paying £27,946 in irretrievable costs, homeowners can actually add around £37,000 to the value of their home with a safe investment and fantastic way to increase their living space. Loft conversions are getting more and more popular as people realise the true cost of moving. If you would like to talk about the costs of a loft conversion and compare it to the amount you’d spend to move house, get in touch today.