The cost of moving has fallen from its peak in 2023 but remains twice the cost of moving compared to ten years ago. And the issue is exacerbated in London and the South East where it costs nearly twice the national average.
For the latest Cost of Moving Report 2024 from home moving comparison website reallymoving.com analysis of 140,000 comparison quotes for conveyancing, estate agent fees, a Level 2 Homebuyer survey, an EPC and removals costs, taking into account Stamp Duty, has arrived at a figure of £13,978 in upfront expenses.
Ten years ago the same report identified the cost of moving was £6,533, but the latest figures are down over £1000 on 2013 after a 3% fall in the median sale price and a 1.3% fall in the median purchase price in 2024 means estate agent fees, conveyancing fees, a survey and stamp duty bills are all lower than last year.
But the temporary higher threshold at which Stamp Duty is payable, currently £250,00 for someone buying and selling a property at the same time, will be reduced back to £125,000 from 1st April 2025 which will see the average stamp duty bill rise from £6,250 to £8,750 (based on the media house price), pushing the total cost of moving to a new record high of £16,478. The number of First Time Buyers, who currently make up the largest proportion of home movers, who will pay SDLT will more than double from 17% currently to 39% on 1st April 2025.
“Raising almost £14,000 to finance a home move is a major challenge for many people, especially with the cost of living so high making it even harder to save. We’ve seen an increase in the proportion of First Time Buyer activity in the last few weeks as people accelerate plans to move to take advantage of lower stamp duty bills before they rise next spring, but the window will be too tight for many, so it’s wise to budget for higher stamp duty costs just in case.”
said Reallymoving founder and CEO, Rob Houghton.
The report also shows the most popular days and months for moving, creating greater competition for removals and conveyancing services. August has been the most popular month to move home for the last 12 years, with January and February the quietest. Friday is by far the busiest day of the week, with 29% of home moves taking place on a Friday. Tuesday is the quietest weekday to move home, meaning there is likely to be less competition for services.
