According to a new study the average homeowner in the UK spent more than £10,000 when moving home in 2018, with first-time buyers spending around £1,761.
Conducted by Compare My Move, the research found that collectively those moving home spent £9.8billion last year with the average home move costing more than £500 more than the previous year.
The increases mean buyers are forced to save for longer before buying their dream property. And first-time buyers are especially affected, having to save for an extra four months, on average, to afford the cost of moving.
The research which focused on the average three bedroom home took into account additional costs associated with moving home including removal prices, stamp duty, conveyancing, estate agent fees and extra payments such as the EPC certificate.
Unsurprisingly, the most expensive region was London which came in at an average of £27,769 with first-time buyers having to spend on average £7,678. The next most expensive area was the South East (£17,219) and the East of England (£14,157), whilst the cheapest regions were the North East and Wales who on average both cost just over £5,000 to move home.
Stamp duty was the biggest cost faced by buyers coming in at on average 35 per cent of the total UK cost of moving home, however, this increased for regions with higher house prices such as London where it made up 60 per cent of the moving bill and the South East (52 per cent).
While moving house can be expensive, according to Compare My Move co-founder Dave Sayce more unpopular moving days tend to be the cheapest for removal costs.
He said: “Moving on a Sunday could be 21 per cent cheaper and a Tuesday around 14 per cent cheaper.
“Remember to compare at least three quotes for your removals, conveyancing and surveying needs. It’s important to remember that the cheapest may not always be best depending on the complexity of your move.
“It’s vital that first-time buyers are fully aware of these extra costs. With many young renters taking years to save for a deposit on their first home, these extra costs are a nasty surprise if not budgeted.”
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