The average cost of moving home has risen to £17,413, a 75% increase in England compared with a decade ago, according to comparison website Really Moving. The bulk of the expense comes from stamp duty, which typically costs £9,500.
Estate agent fees average £4,473, while removal fees come to £624. Other expenses included in the total are conveyancing, a survey and an Energy Performance Certificate, which sellers must have to sell their property. For first-time buyers, the cost is lower at £2,293, largely because of cheaper stamp duty fees.
Regional differences in moving costs
Stamp duty is a tax that may be payable when buying a property. It starts to apply when the property value exceeds £125,000, or £300,000 for first-time buyers. Really Moving found that London has the highest moving costs at £32,017, while the North East has the lowest at £8,806.
The research, based on 20,400 home moving quotes, also showed that median property purchase prices fell from £395,000 to £390,000 this year. This contributed to the cost of moving dropping by £418 since last year.
Long-term concerns and mortgage rates
Rob Houghton, founder of Really Moving, said: "Movers will be relieved to hear the cost of moving has eased a little this year, but the longer-term picture is far less reassuring. Moving home costs almost three-quarters more than it did a decade ago, even after accounting for inflation, making it a major barrier to mobility and economic growth."
He added: "It prevents people from relocating for a new job, discourages growing families from moving to larger homes and makes downsizing much less attractive."
Fixed mortgage rates have edged up in recent weeks amid rises in swap rates, which lenders use to price mortgages. The average two-year fixed mortgage rate is now 5.96%, while the typical rate for a five-year fix is 5.98%, according to Moneyfacts.
Government scheme for first-time buyers
The Government has recently unveiled a scheme to help first-time buyers in England onto the property ladder, with further details set to be outlined in the Budget. The Your First Home scheme will allow first-time buyers to purchase a new-build property with a 2.5% deposit, with the Government lending an additional 20% towards the cost.
