The cost of moving home rises to 40% of annual salary

New research reveals that the average cost of moving home in the UK in 2016 is over £10,000.

Price comparison website, Comparemymove.com found that moving house costs around 40% of the average annual salary, £10,996, a huge cost that varies across the UK regions.

This is partly due to surveyors and estate agents putting up their fees by an average of 26% in the last 10 years.

Property buyers moving home in London now have to pay more than £30,000, an increase of 68% since 2006.

Marc Benger, Co-Founder and Director of Compare My Move, said: “The rise in costs since 2006 is astonishing. It’s important that people fully understand the costs involved with moving house.

“Having been in the removals and storage industry since 2001, I have seen the cost of moving house steadily rise in those 15 years. Many people just don’t know the daunting cost of moving house.

“People have just got to be smart and understand that costs can soon start piling up. No-one wants to pay almost £11,000 to move house.”

Many of the costs have risen in line with the increase in house prices and there has also been an introduction of new costs such as energy performance certificates (EPCs), which were not a requirement in 2006.

The cost of stamp duty has risen by 23% in 10 years, to an average of £2,504, estate agents fees are up by over £1,000 to £5,404 and conveyancing has gone up by £240 to £1,251. In total the average cost of moving home has risen from £8,790 to £10,996, a rise of 25% in 10 years.

However, there are large regional variations with the cost of moving in London reaching £30,000. Moving home in the South East comes next at an average of £20,210, with the South West a lot cheaper at £11,098. East Anglia comes next with an average removal cost of £10,973. The Midlands is just below £10,000. The North West and the North East cost £7,459 and £7,133 respectively. The average cost of moving in Scotland is £6,947 and in Northern Ireland it is just £5,401.

There are strategies to lower the cost. By comparing the costs of different service providers, you can find the best deal and reduce costs across a range of areas.

Comparemymove.com has produced an infographic that shows a number of ways to keep home removal costs down.

Dave Sayce, Co-Founder and Director of Compare My Move, said: “When hiring an estate agent, conveyancer, or removal company, we always suggest that people compare companies to find the best price and service.

“We created Compare My Move to help people save money and time when moving house by matching them with up to six removal companies in their area.”

Infographic by https://www.comparemymove.com