Cost of Moving Home Increases

    LONDON, ENGLAND, September 07, 2012 /24-7PressRelease/ -- The research conducted by Really Moving looked at moving costs in 2012 compared to 2009. It shows that moving home costs GBP1574 more than it did three years ago which is equal to an increase of over 85% in real terms.

Research also showed that those house buyers who are moving in London will pay GBP12,475 more in moving costs than those moving elsewhere in the UK. The reasons for the higher costs for London movers are because of the Government's Stamp Duty Tax payable on higher priced properties in London. The tax payable on property for sale priced between GBP250,000 and GBP500,000 is 3% and for properties priced between GBP500,000 and GBP1 million 4% is payable. Survey and conveyancing fees are also priced higher in London than elsewhere.

The increased costs of moving are also down to increased Value Added Tax (VAT) costs as all moving costs incur VAT. The rate of VAT in 2009 was at 15% and is currently set at 20%. The average price of a property in the UK in 2009 was also lower than it is today at GBP151,890. As of March 2012, the average price is GBP161,545, so therefore more stamp duty is payable on properties as whole.

Movers in the UK can expect to spend an average of nearly GBP30,000 in moving costs in a lifetime. Those moving in London can expect to spend an average of GBP75,972 in a lifetime.

The greatest cost of moving incurred is the estate agents fees followed by the Stamp Duty Tax followed by conveyancing charges to process both the sale and purchase of the property. A survey report and Energy Performance Certificate is also required.

Moving costs for first-time buyers, however, are much lower because they do not incur the sale costs on a property such as agent's fees or sales conveyancing. The average cost for a first-time buyer to move home is GBP3,700.

Notes to Editors:
What House? is a leading property website that features thousands of new homes in Essex as well as new developments in Scotland and across the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 31 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.

What House? is a leading UK property website portal specialising in new homes and affordable homes.

Website: www.whathouse.co.uk

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