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According to analysis by the Propertyfinder website, it now costs on average £9,486 to move house in the UK. This is more than three times the cost 10 years ago.
The huge increase in stamp duty from an average of £543 to £5,009 is the main reason for the steep rise in total costs. Estate agent's fees have risen more or less in line with house prices to £3,027. The remaining costs are legal fees of £1,000 and removal expenses of £450. In addition there could be fees charged by surveyors and mortgage lenders, but these are not included in this analysis.
In 1996, if a property was sold for more than £60,000, then 1% stamp duty had to be paid. However, the average house price was £64,441 so most first time buyers avoided the tax altogether. Now 1% is charged on property over £125,000 but, as the average house price is around £200,000, most homebuyers will have to pay. Higher rates of 3% on homes over £250,000 and 4% over £500,000, have also been added.
Propertyfinder has noted that homebuyers were able to move up the property ladder in a number of small steps in the past. However, the cost of moving house is now so high that this is more difficult. Instead people stay in the same property for longer, and try to move up the ladder in larger jumps.
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