With the stamp duty holiday in place, many buyers are lowering the cost of moving home. Buyers in and around West Hampstead can save up to £15,000; which is very welcome.
On average, buyers are saving around £4,200 on stamp duty fees, but with London prices being higher, there is a chance to save more. The average price paid for property in West Hampstead, as of the start of October 2020 according to Rightmove, stands at £824,610.
This is above the stamp duty holiday threshold, so buyers in the local area can save the maximum amount on their stamp duty.
There is a chance for house movers to save money when moving
Before the stamp duty holiday was introduced, the average home-mover in England was spending £10,911 on moving. Now, according to the reallymoving website, the typical cost of moving home stands at £6,669.
It is not unreasonable to assume London buyers can save even more. In London, the average cost associated with moving home is £12,061. This is a figure which greatly outstrips the UK average. However, before the stamp duty holiday came into effect, the average cost of moving home in the capital was just over £25,000.
Other costs have risen
However, while the stamp duty holiday has lowered costs, there has been an increase in costs in other areas. Legal fees and estate agents’ fees have risen. With these costs often being charged as a proportion of the property’s value; a rise in property value has led to an increase in these fees.
Compared to the period before the stamp duty holiday was introduced, estate agent fees have increased by 14%. Legal fees have increased by 15%.
There has also been an increase in the cost of a survey, which has risen by 10%. There has also been a 3% rise in the cost of removal services.
Additional costs when moving
There has also been research undertaken by MoneySuperMarket which suggests the average household spends close to £700 in additional 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
Kate Devine is the Home Insurance spokesperson at MoneySuperMarket, and she said; “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.”
Kate continued by saying; “If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your checklist, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.”
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 West Hampstead today for all your housing and letting needs.