Cost of moving in the East has fallen 47% from £13,958 before stamp duty holiday to £7,457
· Other moving costs such as legal fees have been pushed up by rising house prices
· Cost of moving as a percentage of purchase price has dropped from 4% to 2%
· First Time Buyers have seen average moving costs increase by 11% to £1,924
The cost of moving home in the East of England has plummeted by 47% from £13,958 before the stamp duty holiday came into effect on 8th July 2020 to £7,457 after, saving the average person buying and selling a home in the region £6,501, according to reallymoving’s annual Cost of Moving research, released today.
The UK’s leading comparison site for home mover services has analysed data from 239,000 quotes in the last year to reveal that while legal fees, estate agent fees and survey costs have all risen, now is the cheapest time to move home in years as a direct result of the temporary suspension of stamp duty charges on purchases up to the value of £500,000.
With house prices having a significant impact on moving costs such as legal fees, a sharp rise in the average house price since the stamp duty holiday announcement has contributed to a rise in the cost of some other services. The largest expense for home movers in the East who are both buying and selling is currently estate agent fees, averaging £4,531 (+10% increase), followed by legal fees at £1,755 (+17%), removals at £636 (0%) and a survey at £480 (+16%). The cost of an Energy Performance Certificate remain unchanged at £55.
