As if living in London wasn’t expensive enough, a new report says home sellers in the capital have to pay three times the national average in moving costs.
The report by Lloyds Bank estimates that in the last year alone, the cost of moving house has increased by 18% in the capital, compared to only a 9% average rise across the country. In London, the average combined cost of stamp duty, conveyancing, removals and estate agents' fees now comes out in a hefty £31,400 – which is around £20,000 more than elsewhere in the United Kingdom.
Outside London, house sellers still have to cough up £10,996. This figure covers stamp duty (£2,054), legal costs (£1,251), and by far the largest cost for most movers – estate agent fees. On average, estate agents charged £5,404 for selling a house this year – up 8% compared to 2015.
In London, the figure is even higher, with estate agent fees amounting to around £11,000. That’s more than double the national average and the fees only look set to grow.
The large difference in costs is down to higher housing prices in London, which in turn has pushed up the associated fees. In fact, house prices in London have risen by 14.5% in the last 12 months, compared to the national average of an 8.5% rise.
Northern Ireland is the cheapest place to move house, as total costs just tip £5,400. Many other UK locations also recorded figures under £8,000: namely, Wales, the North East, North West, Scotland and Yorkshire and the Humber. It seems like the further away from London you get, the cheaper moving house becomes.
With sellers facing mounting costs, wondering how to sell a house cheaply will become a top concern for many people. For more information on selling your house the easy way, check out how HouseSimple.com works and find out how much you could save.