You are using an older browser version. Please use a supported version for the best MSN experience.

Cost of moving home ‘now over £12,000 – and more than £33,000 in London’

Press Association logoPress Association 14/09/2018 By Vicky Shaw, Press Association Personal Finance Correspondent
Cost of moving home ‘now over £12,000 – and more than £33,000 in London’ © Provided by The Press Association Cost of moving home ‘now over £12,000 – and more than £33,000 in London’

The average cost of moving home now stands at over £12,000, a study has found.

Lloyds Bank put the cost at around £12,110 – a £486 increase on a year ago.

It said rising house prices have been the main factor behind the increase in moving costs, pushing up outgoings which are linked such as stamp duty and estate agency fees.

Video: One in five millennials moving home to 'chase the dream' (Buzz60)

UP NEXT
UP NEXT

Download the all-new Microsoft News app – available now on iOS and Android

Other costs included in the £12,110 total include surveyors’ charges, removal vans and conveyancing.

London continues to be the priciest place to move house, with an average cost of £33,741 representing an increase of £1,649 on last year.

This total – nearly three times the UK average – is driven by the cost of stamp duty, Lloyds said.

A man walks out of Lloyds of London's headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson © Reuters A man walks out of Lloyds of London's headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson

Northern Ireland has the lowest average moving cost, at £6,156.

The average cost of moving in the UK has increased by £2,890 since 2008 when it stood at £9,220.

Andrew Mason, mortgages director at Lloyds Bank, said: “It’s important to consider the full costs involved when going through the home moving process and make sure all bases are covered to avoid any unexpected shocks at the time.”

Gallery: Inside David Walliams’ London townhouse also once owned by Noel Gallagher (Lovemoney)

The calculations on moving costs used figures from a range of sources including Halifax and the Office for National Statistics.

Here is how the average moving cost varies across the UK, according to Lloyds Bank:

– West Midlands, £10,893

– East Anglia, £13,598

– London, £33,741

– South East, £22,200

– Scotland, £6,171

– East Midlands, £9,675

– Yorkshire and the Humber, £7,760

– North West, £8,190

– Northern Ireland, £6,156

– North East, £6,437

– South West, £12,894

– Wales, £6,955

AdChoices
AdChoices
image beaconimage beaconimage beacon