Average Moving Costs 2015 (cost of buying)
Many prospective homebuyers under-estimate the cost of moving, before you buy a property there are a number of additional costs you’ll need to take into consideration. According to a study compiled by Post Office Money and the Centre for Economics and Business Research (Cebr), the average cost of moving, including stamp duty, estate agent and surveyors’ fees and removals came to £11,894 by the end of 2014 (that’s a 59% increase since 2004!). Here are the report results from Cebr:
Average cost of moving in 2014
- Stamp duty: £3,620 (87% rise from 2004)
- Estate agent: £5,214 (61% rise from 2004)
- Surveyors: £607 (51% rise from 2004)
- Conveyancing: £1,419 (37% rise from 2004)
- Removals: £1,034 (21% rise from 2004)
- Total: £11,894 (59% rise from 2004)
Average cost of moving in each region in 2014
- London: £27,946
- South East: £16,510
- East: £13,056
- South West: £10,395
- West Midlands: £8,318
- Scotland: £8,098
- East Midlands: £7,876
- Yorkshire and Humberside: £7,487
- North West: £7,405
- Wales: £7,270
- North East: £6,511
- Northern Ireland: £6,453
Breakdown
Mortgage Costs
If you’re getting a mortgage you’ll likely have to pay some extra fees upfront. There’s a Booking Fee, sometimes called an Application Fee, that’ll be up to £100. Then there’s the Arrangement Fees, these can be anything from £250 to £1,500. Also you’ll need to pay your lender for a basic mortgage valuation on the property, typically between £200 and £600.
If you can’t pay these mortgage fees upfront, the lender will usually allow you to add these costs to your mortgage loan.
House survey costs
It would be foolish to buy a house without having independent reports and surveys done (unless you’re a property/construction expert). There are two main surveys, homebuyer’s report and building/structural survey.
- Homebuyer’s report covers the general condition of the property: £350 – £1,000
- Building survey provides a more in-depth analysis of the condition and structure of the property: £500 – £1,300
Legal costs (conveyancing)
You’ll need to hire a property solicitor or licensed conveyancer to handle your conveyancing, they deal with the legal aspects of buying a property. The UK average cost of residential conveyancing is approaching £850 (Leasehold property conveyancing fees will be higher). That price doesn’t include the Land Registry Fee, Bank Transfer Fees, Disbursements, Search Fees and all other associated costs. From our research, the average price for all the other associated costs is around £450. The Cebr report correlates with our findings, it says the overall average cost of residential Conveyancing in 2014 was £1,419. Our average fees estimate:
| Type | Average Fees | Other Costs | Total Fees |
|---|---|---|---|
| Freehold | £850 | £450 | £1300 |
| Leasehold | £1050 | £500 | £1550 |
| Commercial | £1500+ | £500+ | A lot |
For more infomation regarding Conveyancing Fees, please visit: Average Solicitor/Conveyancer Fees 2015
Stamp Duty
Stamp Duty Land Tax (SDLT) is a UK tax a buyer must pay when purchasing a property over £125,000. Visit our stamp duty page for more info and use our stamp duty calculator to see exactly how much you’ll need to pay.
Moving/Removal Costs
The average fees for removals/moving belongings comes to a staggering £1,034. Removal companies aren’t cheap, but it all depends on how many belongings you own, you might be able to hire a van for £100 – £200.
