The average cost of moving home in 2024 might shock you
Everyone knows that buying or selling a home is easily one of the most expensive things you'll ever do in your life. Even if you endeavour to save as much money as possible when moving house, there are some unavoidable costs we all need to stump up – and that's before you even consider the actual price of the property and your deposit.
According to new research from Compare Your Move, the average cost of moving has risen by a staggering 30 per cent compared to what it was in 2023; now sitting at the eye-watering sum of £12,187.
With research based on the average house price in the UK, the experts at Compare Your Move have analysed their own data, and concluded that the costs of buying a house, selling your current house, and physically moving your belongings totals up to well over £12,000. And as mentioned, that's even before the deposit or any work required on your new home!
They report that, since 2023, the average cost of almost everything to do with moving home has risen significantly. For example, the average cost of stamp duty has risen by an enormous 29.6 per cent since last year due to the colossal rise in house prices. Conveyancing fees have also risen by around 18.7 per cent in the last 12 months, say Compare Your Move, with the average home buyer now paying around £1,567.
With the cost of stamp duty, property surveyors, conveyancing and valuation fees, it is estimated that buying a house alone is likely to set you back around £4,117 in 2024 – and that's before the costs of selling your current property and moving.
Compare Your Move estimate that estate agent fees consume the largest portion of the budget when it comes to selling a home, sitting at around £5,700 for the average buyer – a number they say has shot up by an incredible 74.4 per cent in the last 12 months.
In total – factoring in said estate agent fees, conveyancing, and getting an EPC rating sorted – selling your home will cost you an estimated £6,924 if you're planning a 2024 move. The EPC rating cost could vary however, depending on the size of your home. 'The cost of buying an EPC certificate is on average around £85, but can rise to £200 depending on factors such as the size of the house, the location of the house and the type of house,' Compare Your Move note.
An often-forgotten cost of moving is the very real expense of transporting your belongings from one home to another (and even paying someone to pack your items), as well as redirecting your post.
Though these have gone down since 2023, Compare Your Move say that these last-minute costs are likely to set you back around £1,146 – though this will vary depending on your own requirements, the distance you are moving and the amount of items you are moving.
It's clear then that the costs involved in buying and selling a house and moving are incredibly significant in 2024 – which is something to be well aware of (and to budget for) if you're planning on moving soon.
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