If you want to climb up the property ladder this year, be prepared to fork out almost £10,000 in moving costs and the house buying process.
According to a price comparison website, the average costs of selling, buying and moving have reached £9,800.
The largest cost came from estate agent fees, reaching £5,000. This isn’t including any stamp duties that average out at an additional £2,000.
Additional rising costs include:
- Mortgage valuation: £179
- Property surveyors: £400
- Conveyancing fees when buying your new home: £845
- Conveyancing fees when selling your old home: £590
- Purchasing an energy performance certificate: £90
- Removal costs: up to £600
These charges are based on the average house sale in the UK, according to the UK Property Price Index stands at £225,621.
Moving costs can fluctuate depending on the cost of your home, as well as the companies you choose to remove assets from your home, and who you choose to buy/sell with.
Estate agency fees will range from 1-3.5% of the value of your home, as well as 20% VAT hiked onto your total bill.
First time buyers will typically incur lower moving costs, this is due to having no selling costs, and not having to pay stamp duty if the purchased house is up to £300,000.
For first-time property purchases up to £500,000, no stamp duty is payable on the first £300,000.
If you’re a first-time buyer purchasing a home costing over £500,000, or you’re moving up the property ladder, standard stamp duty rates apply.
Stamp duty starts at 2% for the portion of the property between £125,000-£250,000.
Properties higher than this cost will have stamp duty fees of 5% on parts between £250,000-£925,000. This then raises to 10% from £925,000.
Looking to move home? Call our conveyancing team for a quote today on 0800 157 7055.