Buyers and sellers are facing their highest-ever costs home move costs.
New research suggests the average costs for a home move have reached a record high of £10,414, up by 2 percent year on year.
Those in London will pay more than double the costs of the rest of the UK, with average moving costs in the capital topping £24,585.
First-time buyers will need at least £1,613 to pay their costs of buying a property for the first time.
In-Deed keeps home move legal costs low
Buyers and sellers need to factor in a range of costs when moving home. At In-Deed, we keep the cost of conveyancing services affordable and guarantee the price you are quoted at the start is the price you will pay.
In-Deed helps those making a move in the property market keep their legal costs low.
Stamp duty biggest factor
According to the research, stamp duty is the biggest chunk of a buyer’s costs, making up an average 44 percent of the cost of buying a house, up to 65 percent in London. The average cost of stamp duty is £4,625.
Along with conveyancing fees, sellers must pay for an Energy Performance Certificate for their property and often will pay an estate agent to market the property. Buyers could be forking out on a building survey, while both will likely have to pay a removal firm to help make their move.
First-time buyers have lower costs because they are exempt from paying stamp duty on any purchase up to the value of £300,000 and pay a reduced amount on anything above that figure.
Home move guides from In-Deed
In-Deed has a range of guides to help lead you through a home move. Whether you’re a first-time buyer or a seasoned buyer and seller of property, you’ll find all the information you need.
Remember our team are available 7 days a week on 0800 038 6886. You can also get an instant, no-obligation quote for both purchase and sale conveyancing.