The cost of moving has now soared to nearly £52,000 in England following the increase to stamp duty, analysis from Yopa has revealed.
Prior to 1st April this year stamp duty costs 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.
The average mortgage deposit of 15% is the largest cost incurred, at £43,585.
The initial cost of moving home has increased by 13% over the last year alone.
Verona Frankish, chief executive of Yopa, said: “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.
“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.”
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.
In Scotland that sits at £32,172, followed by £31,353 in Northern Ireland.
Scotland’s version of stamp duty, or LBTT, is the moving cost that has seen the largest increase year on year, largely due to increasing house prices, up by 39%.
