Moving costs hit a quarter of average income

ESTATE agents’ fees, mortgage charges and stamp duty have all contributed to a massive jump in the cost of moving house, according to research out today from Lloyds TSB.

Since 2001 the average cost of moving has risen by 69 per cent from £5,290 to £8,922, for someone who already owns a home.

Agency fees increased by £1,318 over the period. Mortgage fees rose by £770 and stamp duty was up £730.

The rise outstripped the 64 per cent increase in house prices over the period, and the cost of moving is now at its highest since the housing market peaked in 2007.

The costs are now equivalent to 27 per cent of average full time earnings.

However, the cost for first-time buyers stands at £3,334 on average, because of a lack of estate agents’ fees.

The temporary increase in the stamp duty threshold from £125,000 to £250,000 also helped, though it will be removed in March.

“The task for those looking to move home has undoubtedly become more challenging,” said Lloyds economist Suren Thiru.

“The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak.”