Cost Of Moving 'Increased By Half' Since 2004

The cost of moving home has increased by nearly £5000 pounds in the last decade.

According to figures released today, movers pay around £12,000 in fees, stamp duty and removal costs. Estate agency fees, which make up around half that amount, have increased by 60% in the last ten years. Scots are paying nearly £1000 more than they did in 2004.

The rising cost of moving is driven by a 7% increase in estate agency fees and surveyors costs growing by over a fifth to £665 in the final quarter of 2014 compared to the same period a year earlier. Over the same period, conveyancing fees increased by 7%  to £1,074. 

The average stamp duty paid fell marginally by£28 to £1,9733. Many of these costs have increased as a result of higher house prices in 2014 compared to the year earlier.

Andy Hulme, Mortgages Director at Lloyds Bank, said:

"With the cost of moving at its highest level since 2007, people struggling to cover the costs should look to make savings wherever they can. The recent changes in stamp duty should help buyers reduce their overall cost of moving, which can be a significant boost."