Cost of moving home soars past £14k as conveyancers “up fees by 21%”

The average cost of moving home in England has jumped by £2,430 since 2021 to reach a record high of £14,207 – with conveyancing fees one of the key expenses on the up.

The 21% year-on-year rise was reported in reallymoving’s annual Cost of Moving research, which surveyed 714,000 homemovers.

Despite a fall in the cost of a survey and cuts to SDLT, sharp rises in conveyancing fees, estate agent fees, and removals have pushed moving costs upwards. This is due to rising house prices as well as inflationary pressure and high demand for services.

Based on the median purchase price of £380,000, Stamp Duty is the largest expense facing home movers in 2022 at £6,500, followed by estate agent fees at £4,544 (+15%), conveyancing fees at £2,003 (+21%), and removals at £649 (+8%).

Surveying costs have fallen by 10% over the year to an average of £456, while the price of an Energy Performance Certificate (EPC) remains unchanged at £55 for the sixth consecutive year.

Table 1: Annual change in the cost of moving home in England in 2022 (Source: reallymoving)

For first-time buyers (FTBs), however, the cost of moving home has risen by a modest 6% to £2,198. With median property values meaning FTBs now avoid paying Stamp Duty in every region of the UK, the overall cost of moving is much less volatile with an 8% rise in removals costs, 7% increase in conveyancing, and a 1% rise in the price of a survey.

Rob Houghton, CEO of reallymoving, said:

“At a time of soaring inflation and rising interest rates, the prospect of record high moving costs is bound to deter some non-essential home moves. Despite the welcome Stamp Duty cuts announced in the mini-budget, which have had a big impact on FTBs in London and the South East in particular, rising house prices over the last year and the associated impact on the cost of services such as conveyancing and estate agent fees mean that moving home now eats up almost half of the average UK salary of £31,772.”