The escalating price of moving house
Posted: 21 Apr 2006 10:00:54 GMT
For some homeowners, the cost of moving house has risen by 176 per cent in the last six years alone.
It would seem that those buying houses on the higher rungs of the property ladder are facing the biggest burden, according to new research by Woolwich.
To move from the average semi-detached house costing £174,744 to a detached home worth £293,248, buyers typically spend a staggering £12,535, with estate agent fees accounting for a significant proportion of this.
It compares to a charge of just £4,535 in the year 2000 and this 176 per cent increase far outstrips the increase in house prices of just 70 per cent in the period.
In addition to the money spent by many on estate agents, property buyers are also struggling because detached homes have gone through the government's three per cent stamp duty threshold set at £250,000.
First-time buyers are having a tough time of it too, with fees for the average transaction reaching £9,113 this year. This compares to just £4,698 six years ago, although this is largely in line with house price growth.
With the fees involved in buying a house now unfeasibly high for many, growing numbers are looking to make valuable savings by privately purchasing a property online.