Average cost of moving house in the UK increased by 9%

uk-house-pricesThe average cost of moving house in the UK has increased by 9% over the past year. However, Greater London area has increased over £4,700 year on year. According to Lloyds Bank report, it shows that in the last decade the total cost of moving nationally has increased by 25%. Increasing house prices are the main factors behind the rise in moving costs, pushing up estate agency, stamp duty and conveyancing fees, which are all in general linked to the purchase price.

Mike Songer, mortgage director at Lloyds Bank, says: “The cost of entering the housing market has continued to rise sharply over the past year. This trend is especially marked for buyers in London and the South East with the combination of both higher property prices and more speedy increase in prices in recent years resulting in significantly higher moving costs in these parts of the country.”

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