Martin Roberts discusses getting on the property ladder
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Reallymoving’s annual Cost of Moving research has unveiled that the cost of moving home in England is at an all time high. It follows the end of the stamp duty holiday which ended in September after being phased out over the summer.
The cost of moving home has risen sharply from £6,877 before the end of the main stamp duty holiday in June to a record high of £11,777.
This means the average person who is buying and selling a home in England is required to find an extra £4,900 in up-fronts, according to the research.
The comparison site for home move services analysed data from 320,000 quotes in the last year.
It unveiled that although estate agent fees and conveyancing fees have fallen, the return of stamp duty for properties worth over £250,000, along with rising survey and removal costs mean it’s more expensive than ever to move home.
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This is partly due to a bounce back in the property market after it was closed for several months last year.
There is also a huge demand for property now, with many Britons looking for more space.
The largest expense homeowners face is stamp duty, followed by estate agent fees and legal fees.
Although both estate agent fees and legal fees have dipped, it is still expensive to move home in the current climate.
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Other costs have continued to climb, with the price of a survey rising by 1.4 percent and removals by 2.6 percent, on average.
Those moving in the most expensive regions, such as London and the South East, East of England and the South West, have benefited most from the stamp duty holiday.
In London, existing homeowners have seen the cost of moving almost double from £12,917 to £25,096 since the end of June.
First Time Buyers in the capital have been hit even harder and now need to find £7,195 compared to £2,435 during the stamp duty holiday, a huge increase of 195 percent.
Those buying and selling a home in Wales have seen costs leap by 96 percent since the end of June from £5,833 to £11,438, with a sharp increase in estate agency fees and removals.
Homeowners in Scotland have also faced an increase of around 47 percent.
CEO Rob Houghton said: “The cost of moving home is at a record high and movers have had to absorb a huge hike in up-front costs since the main stamp duty needed on June 30.
“These rises have been felt most in London, with movers in the capital having to find over £25,000 – and over £7,000 for First Time Buyers, which is a significant challenge on top of raising a deposit.
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“We saw an increase in conveyancing and removals costs in England during the stamp duty holiday due to exceptional levels of demand, but conveyancing costs have dropped significantly since the end of June as pressure on the system has eased.
“First Time Buyers will be relieved to be once again the only group to benefit from stamp duty exemptions on lower cost homes, reducing competition from other buyers.
“The cost of moving for First Time Buyers in England is high, at over £2,000, but the good news is that expenses have remained relatively stable, making it easier to plan a move.
“The property market remains buoyant with strong competition for homes, so it’s more important than ever to compare ratings and customer reviews when searching for home move services, as well as price, to ensure that when you do decide to buy, your transaction progresses as smoothly as possible.”
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