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UK General Election Forecast 2019

Rising Cost of Moving Home

Personal_Finance / UK Housing Jan 04, 2019 - 07:16 AM GMT

By: Submissions

Personal_Finance

It continues to be a time of uncertainty for the housing market with the ongoing Brexit saga. Therefore many people are choosing not to move home, when they usually would have done so. The cost of moving home also continues to rise as expected. Here we cover the breakdown of the average costs in 2018.

It is difficult to figure out an exact overall cost but based around the average house price in the UK, and the different services required for moving home, it is likely to add up to around £10,000. This of course would include the main areas of buying, selling and moving home. This is all based around the average house sold in the UK which in 2018 was £224,144 (according to the Property Price Index).


For first time buyers it is always a daunting task when getting the money together. However for a property up to £300,000, for first time buyers you will no longer need to pay stamp duty, which is a positive factor. Alongside this you would not have any costs from selling a property, so of course the overall cost of the move would be a lot lower. You would just need to focus on moving your possessions and using the correct boxes such as at PPS, or possibly a removal service. This would result in the overall cost of the move being a lot less at around £2,000. This now sounds much more appealing for a first time buyer.

The overall cost of a move can fluctuate massively based around the size of the house, the location and even the age of a property. A property survey will of course also need to be taken, with a typical cost of this being around £250 up to £600. Again getting multiple quotes can enable you to keep costs down. This also draws on to solicitor fees for moving homes, which are usually based on the value of the property. These are usually a set fee but are not too expensive such as a £100,000 house, would usually have a legal fee of around £400-£500, with additional fees of around £200-£300 (Sourced from the Conveyancing Calculator).

The main cost when moving home is of course the deposit and as mentioned previously is a big factor for first time buyers. This will determine how much money you pay back via your mortgage, therefore the higher the deposit the less you will have to pay back each month. There are now 5% schemes about but the usual amount put down is 10%. So for a £200,000 house, the average person would pay a deposit of £20,000.

By Adam Walker

© 2019 Copyright Adam Walker - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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