Costs of moving home increase

Posted: 17 Apr 2015 16:44:59 GMT

            Property News - Costs of moving home increase

The typical costs of moving home in the UK have risen in the last year.

The costs of moving home for individuals taking their next step on the UK property ladder have increased considerably in the last year, new research has revealed.

Figures compiled by Lloyds Bank have shown the average cost of moving home now stands at £8,689 - up by five per cent from the £8,258 reported by the lender last year.

This increase was shown to have been made up of rises in expenditure in several key areas, including an increase in estate agent fees, growth in the costs of surveyors and growth in conveyancing fees.

It was not all bad news for house hunters though, as recent changes to stamp duty have had a positive impact on helping to bring down expenses for many home movers.

Responding to the results, mortgages director at Lloyds Bank Andy Hulme commented: "With the cost of moving at its highest level since 2007, people struggling to cover the costs should look to make savings wherever they can."

He added that the recent changes in stamp duty should help now begin to help buyers reduce their overall cost of moving, which can be a significant boost in the current economic climate.

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