Cost Of Moving Falls In London

13th October 2020 posted in Buyers Tenants

The stamp duty holiday is helping people buy property because people want to lower costs and save money. The impact of the stamp duty holiday has significantly reduced the cost of buying property for many people. As an average, the cost of moving has reduced by 39% for most movers right now.

The average homeowner spends £6,669 on moving costs. Before the stamp duty holiday, the average cost of moving home was £10,911; according to really moving.

Of course, the costs of moving home are about more than just the stamp duty fees. Other fees which must be paid include removal services, surveys, agent fees and legal fees. You’ll find there have been many increases in these areas in the past few months.

With legal fees and agent fees often charged as a percentage of the property price, a rise in prices leads to these fees rising too.

Since the stamp duty holiday was introduced, estate agent fees are said to have risen by 14% and legal fees have jumped by 15%.

The cost of arranging a survey has increased by 10% and removal expenses are dearer by 3% now.

It is expensive to move in London but there are greater savings

It won’t be a surprise to learn London is the most expensive place to move in the country, with an associated cost averaging out at £12,061. However, pre-lockdown, the average cost of moving in London stood at £25,255. There has been a considerable reduction in the cost of moving home in the capital.

This is predominantly down to the impact the stamp duty holiday has in London, thanks to the higher prices. There is no denying the stamp duty holiday is of greater benefit to some buyers than others. People looking for larger homes, or who are buying in more expensive areas, such as the capital, receive a greater benefit.

The average saving brought about by the stamp duty holiday across the country is £5,000. Of course, in the capital, it is common for many buyers to save up to £15,000 so there is more scope to save money in this part of the country.

Don’t forget additional costs when moving home

There are also additional costs to consider when moving home. Research carried out by MoneySuperMarket suggests the average household spends close to £700 in hidden fees when they move home. With the same source finding 19% of British people move a minimum of nine times in their life; the potential lifetime expenditure on hidden fees is over £6,000.

The top six most common additional fees for British home movers are:

  • Bedding and kitchen utensils, cited by 53% of respondents
  • New furniture, also cited by 53% of respondents
  • The cost of having mail re-directed, listed by 39% of respondents
  • The cost of having Wi-Fi installed, said by 36% of respondents
  • Having to change bill providers, named by 34% of respondents
  • 24% of respondents listed the cost of removal services

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.