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    • A move costs almost £14,000, and it’s about to get even more expensive
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    A move costs almost £14,000, and it’s about to get even more expensive

    Umito Posted on

    Moving now costs just under £14,000, or just over £2,000 if you’re buying your first home, according to new data from Reallymoving.

    The bad news for anyone considering a move is that these figures are likely to rise from next April, when stamp duty thresholds return to their usual levels.

    Here we look at the different costs you’ll need to consider when moving and offer advice on areas where you could make savings.

    Cost of move drops below £14,000

    The comparison site Reallymoving publishes annual data on the average cost of a move, based on more than 140,000 quotes generated on its website.

    Its research found that the average cost of moving house has fallen by 3% in the past year, from £14,458 to £13,978.

    He attributes this to the slight decline in property prices, which has led to downward pressure on the cost of services such as estate agents.

    A relatively slow real estate market in 2024 has also kept moving costs similar to last year.

    This table summarizes the average cost of a move if you are selling and buying.

    The cost of buying your first home

    First-time buyers face much lower moving costs, largely because they don’t have to foot the bill for real estate agent feeswhich are paid by the sellers.

    Additionally, Reallymoving says only 17% of first-time buyers currently pay stamp duty, although it predicts this figure will more than double to 39% from next April.

    Overall, the average cost of moving for a first-time buyer is £2,186, with most of this taken up by the transfer of ownership.

    How the cost of moving varies by region

    The cost of moving is likely to vary considerably depending on where you live, with the south of England currently being the most expensive.

    Higher property prices in the South East and London mean higher estate agent bills, as agents typically charge their fees as a percentage of the sale price. Stamp duty bills will also be higher if you buy a more expensive house.

    You can compare prices across UK regions and countries on our map. Hover over a region to see the average cost for existing homeowners and first-time buyers.

    Stamp duty changes will lead to higher moving bills

    From April 1 next year, stamp duty relief will end and thresholds will return to their usual levels in England and Northern Ireland.

    Taxes on equivalent transactions in Scotland and Wales will remain unchanged.

    First buyers

    Currently, first-time buyers purchasing a property worth up to £625,000 in England or Northern Ireland only pay stamp duty on the amount above £425,000.

    From next April, the stamp duty threshold will rise from £425,000 to £300,000.

    The impact will vary depending on where you buy. Our analysis found that most first-time buyers in the north of England will continue to pay no stamp duty.

    However, those in the South East and expensive hotspots such as Cambridge and Bristol will be made to pay the tax. Our research found that the average first-time buyer in Oxford and Cambridge will see their tax bill rise by around £6,000.

    Movers

    Existing homeowners in England and Wales currently pay stamp duty on anything over £250,000, but this will revert to £125,000 from April 1.

    Our analysis, based on average house prices, found that the new stamp duty thresholds will force most home movers to pay an extra £2,500 in stamp duty.

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    How to save on moving costs

    Some moving costs, such as stamp duty, are unavoidable. However, there are ways to reduce your moving costs.

    Reallymoving data is based on an average real estate agent fee of 1.42%. However, if you shop around and compare agents, you may be able to get lower fees.

    The same principle applies to other moving costs. When choosing moving companies, organize home surveysor managing legal costs, it is important to compare firms to find the right balance between cost and client satisfaction.

    You may also be able to save money by moving at a quieter time. Avoiding peak moving periods, such as the end of summer vacation, and scheduling your move midweek rather than on a Friday or Saturday can help reduce the moving company’s costs.

    Tips for Buying a Home

    Whether you are in the process of save for a deposit or are ready to apply for a mortgagewe are here to help you.

    To find out what’s happening in the real estate market, check out our guides on real estate prices And mortgage rateswhich are regularly updated with the latest information.

    You can also check out our complete guide at buy a housewhich includes everything from tips for boosting your savings to preparing for moving day.

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