Cost of moving in London soars above £20,000

LONDONERS are shelling out over £20,000 on average to move house, according to research released this weekend, with the cost of moving rising by nearly £3,000 between 2012 and 2013 alone.

The report by Lloyds Bank shows that the average cost of moving house in London ran to £20,825 in 2013, more than double the UK average of £8,248, and more than triple the typical cost in many parts of the north of England.

Stamp duty covers nearly half of the expense in the capital, with an average £10,850 owed. This is more than five times the average tax paid by people buying homes in the country at large, where the typical bill runs to £2,001.

The Office for National Statistics (ONS) confirmed earlier this year that the average UK house is now worth more than £250,000, above the threshold for the three per cent rate of stamp duty. However, excluding the high-price regions, London and the south east of England, the average price is still below £200,000. In February, the ONS said that the average London house cost £453,000.

The average cost of moving in the south east of England rose most rapidly in the 10 years to 2013, surging by 85 per cent to £16,187, reflecting the major increase in the number of properties being hit by stamp duty.

“The cost of moving can be an expensive one, and rising house prices have had an impact on this with more property sales now within higher stamp duty brackets,” said Lloyds Bank’s Marc Page.

“On top of the costs of moving, home movers also need to consider the costs involved with changing mortgages, such as product and administration fees,” he added.