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Cost of moving house now more than £14,400: how to save money
Moving to a new home in England will now set you back £14,458 on average, while first-time buyers pay £2,154, according to price comparison site Reallymoving.
The new data obtained exclusively by Which? shows that while stamp duty bills have fallen, the rates charged by estate agents, conveyancers and removal firms have increased.
Here, we delve into the findings and offer advice on how to keep costs down when upping sticks.
How much does it cost to move home?
Reallymoving's figures, which are based on 350,000 quotes, show the average cost of moving has fallen by 12% from £16,440 to £14,458.
This is thanks to the stamp duty threshold being increased last autumn, meaning those who are buying and selling at the same time don't pay tax on the first £250,000 of their purchase price, compared with £125,000 previously. Based on the median property purchase price in England, stamp duty bills have dropped 26% from £8,750 to £6,500.
Reallymoving's findings also show that the average price of a house survey has slipped by 6% in the past year. This has been put down to dwindling activity in the market.
Meanwhile, the cost of removals has increased by 8%, conveyancing fees have risen by 2% and estate agent costs have gone up by 5%.
The table shows the estimated costs of moving to an average-priced home in England.
| Moving costs for home movers | |
|---|---|
| Stamp duty | £6,500 |
| Estate agent | £4,686 |
| Conveyancing | £2,038 |
| House survey | £480 |
| Removals | £699 |
| Energy Performance Certificate (EPC) | £55 |
| Total | £14,458 |
- Find out more: use our stamp duty calculator to find out what your bill will be
The cost of buying your first home
Buying your first home is considerably cheaper than moving up the property ladder. That's because first-time buyers in England don't need to pay stamp duty on the first £425,000 - in contrast to the £250,000 threshold for existing homeowners.
Plus, if you're not selling a home, you won't need to pay estate agent fees. This means most first-time buyers avoid the two biggest moving costs.
Reallymoving's research found that the average overall cost for first-time buyers is now £2,154, with legal fees making up the bulk of the cost:
| Moving costs for first-time buyers | |
|---|---|
| Stamp duty | £0 (unless the purchase is more than £425,000) |
| Estate agent | £0 (not required as no property to sell) |
| Conveyancing | £1,314 |
| House survey | £420 |
| Removals | £420 |
| Energy Performance Certificate (EPC) | £0 (not required as no property to sell) |
| Total | £2,154 |
- Find out more: the cost of buying a house
How the cost of moving varies by region
There is a distinct north-south divide when it comes to moving costs – prices are above average in the south and below average in the north.
Unsurprisingly, those in London will fork out more on fees (£29,528) when moving compared with anywhere else. That's double the UK average and almost five times what you'll pay in the cheapest region, the North East (£5,539).
You can compare prices across UK regions and countries in our map. Simply click on a region to see the average cost for both existing homeowners and first-time buyers.
How to save on moving costs
Stamp duty bills are unavoidable if your purchase price exceeds the thresholds, but there are ways you can cut the other costs of moving home.
For its estate agent calculations, Reallymoving uses an average of 1.42% of the sale price - but it's possible to get a cheaper rate.
Get quotes from several local agents, and don't be afraid to haggle over the fee or overall deal. You can also use our partner comparison site GetAgent to compare estate agents' performance and fees in your area.
Shopping around is also important when it comes to legal costs (conveyancing), house surveys and removal companies. Conveyancing fees vary significantly depending on the cost and location of the property, and fee structures also differ. Some firms charge a flat fee, while others charge a percentage of the property's value.
The estate agent selling the property might recommend specific firms to you, but be aware that they will usually be receiving commission for this, and you might be able to get the service cheaper elsewhere.
Unless you live in a small house or flat, it's always worth hiring a professional removal company to help you move. Which? Trusted Traders can help you find a reliable removals company near you.
Rob Houghton, CEO of Reallymoving, said: 'It’s not always possible to choose your moving date, especially if you’re in a chain, but moving mid-week and during quieter periods of the year can help bring costs down.
'Removals firms are quietest on Tuesdays and the fewest home moves take place during January and February, meaning it can be easier to secure a better deal while there’s reduced competition for services.'
- Find out more: how to choose the best removals company
This story has been updated since it was first published. The average conveyancing cost for first-time buyers has been updated from £1,342 to £1,314.
