28th March 2007 10:24
The cost of moving house in the UK has risen dramatically in the last ten years. Not only have property prices shot up, but also the fees for agents, surveyors, solicitors, and removal companies have made buying a new property a prohibitively expensive process.  

The average cost of moving into a new property in Britain, even excluding surveyors’ fees and mortgage fees, is estimated at just over £9,400 according to property experts – over three times the cost 10 years ago. Legal fees are estimated at £1,000, while removal costs now average at £450.

Higher agents fees and Stamp Duty are a significant contributing factor to the increase. Whilst estate agents' charges have risen in line with property prices, stamp duty has risen from an average of £540 to £5,000 in ten years. A levy of 1% is applied to properties worth over £125,000 but with the average house now costing over £200,000, more property buyers are paying tax. Properties worth over £250,000 are taxed at 3% and those over £500,000 at 4%.

Now that moving house is such a costly venture, property experts claim people are more reluctant to move house, and, rather than making small advances up the property ladder, advances tend to be fewer and more dramatic.

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