The average cost of moving home has risen to £12,000 for the first time, according to Lloyds Bank.
In the last year the total sum, which includes stamp duty, surveyors’ costs, removal services, conveyancing and estate agency fees, has increased by 4% from £11,624 to £12,110. This was largely due to rising stamp duty payments as well as estate agency fees, which rose 3% to £5,729.
Lloyds found that stamp duty alone contributed more than half of the increase in average moving costs nationwide, and last year the amount of tax paid paid by home movers was 13pc higher because of house price growth.
The research revealed clear regional differences; the West Midlands saw the highest increase in moving costs. The average amount paid in the region rose to £10,893, an 8% increase on last year. This is largely due to house prices in the region having recently soared. In London, the price paid to move is around three times the UK average.
This was followed by East Anglia, where the average home mover paid £13,598, 5% more than last year. Price increases rose moderately in Scotland by 3%.
The national average cost of moving rose 31% over the past decade, increasing from £9,220 to £12,110. In contrast, average house price increased by 26%, while average gross earnings only grew by 18% over the same 10 year period.
Over the last 10 years, the South East has experienced the highest increase in the cost of moving by 92%, from £11,589 to £22,200. In Northern Ireland, however, the average amount paid has fallen by 31%, reflecting the decline in house prices within the country following the financial crisis.
Andrew Mason, Mortgages Director at Lloyds Bank, said: ‘The positive growth seen in house prices will increase stamp duty and also provide equity to help pay these fees, but it’s important to consider the full costs involved when going through the home moving process and make sure all bases are covered to avoid any unexpected shocks at the time.”