The expenses associated with relocating have decreased. This is according to research conducted by reallymoving.com, which shows that the overall cost of relocating has fallen by 12%.
The average cost of moving homes in 2023 is now £14,458, compared to £16,440 in 2022, a saving of £1,982. This total includes stamp duty, estate agent fees, conveyancing and survey fees, as well as removal charges and EPC certification. However, this excludes mortgage-related expenses.
The reduction in home moving costs can be attributed to two main factors, the decrease in stamp duty taxes and lower house survey costs. No stamp duty tax is levied on the first £250,000 of the purchase price, while first-time buyers are exempt from paying any stamp duty at all. There has been an average savings rate in stamp duty of around 26% compared to last year’s figures. Level two house survey fees have declined by about 6%.
Conveyancing and estate agent fees have risen slightly, but below inflation rate rises. Mortgage rates have increased, making the overall cost of buying a house more expensive.
First time buyers enjoy significantly lower relocation expenses amounting to an average of £2,154 due to their exemption from both stamp duty taxes and estate agency fees. As only one house is involved, survey and conveyance fees are less. They usually have fewer possessions or furniture to move which means less removal costs.
Although some removal companies now charge approximately 8% more than last year’s prices, Merseyside Movers & Storers still offers competitive quotes for clients seeking a reliable Merseyside removal company.