The initial cost of moving home has increased by as much as 13% over the last year alone
The latest analysis from Yopa looked at how the cost of homeownership has changed, how this has impacted affordability for buyers when taking earnings into account, and just what costs attribute to the high cost of moving home.
According to the research, England is by far the most expensive nation to move home, with the total average cost coming to £51,826. This figure has increased by 10.9% over the last year alone and whilst the average mortgage deposit of 15% is the largest cost incurred at £43,585, it's the recent changes to stamp duty relief thresholds that have driven this increase in moving costs.
A year ago, the average home mover would have paid £1,433 in stamp duty. Prior to 1st April this year, this cost sat at £2,028, but with the government failing to extend relief thresholds beyond March 31st, the average cost of stamp duty now sits at £4,528 - a 216% increase versus last year.
Conveyancing costs have increased by 12.5% annually, now averaging £1,364, with the average mortgage payment of £1,432 up 3% annually, whilst removal costs have increased by 1.3% to £917 on average.
At a total of £34,429, home movers in Wales face the second largest cost when moving home, with the cost of conveyancing (£1,228) the highest cost incurred after placing a mortgage deposit.
Conveyancing costs have also seen the largest increase across Wales at 9.5%, however, the nation has seen the smallest overall increase in the cost of moving of all UK nations at just 3.2%.
All in all, the average initial cost of moving home across Scotland now sits at £32,172, having climbed by 7.8%.
And whilst Northern Ireland is home to the lowest overall cost of moving at £31,353, this cost has increased by 13.2% over the last year - the largest overall increase of all UK nations.
“Homeownership doesn’t come cheap and house prices are the key factor behind the high cost of purchasing a home, with the value of bricks and mortar largely trending upwards over the last 30 years," explained CEO of Yopa, Verona Frankish, "Of course, a mortgage deposit alone isn’t enough to secure a property and there are a raft of additional costs that homemovers need to factor in when entering the market, such as stamp duty, conveyancing costs, mortgage repayments and even removals.
"The bad news is that, like house prices, these costs have increased pretty much across the board and total as much as £52,000 depending on which UK nation you’re looking to make your move within.”