New research published today from Yopa found England to be the most expensive country to move home in.
Today marks April Fool’s Day, however new research from Yopa – a leading property valuation service – shows the high costs of moving house aren’t a joke, they’re simply just bleak. Experts revealed that the initial cost of moving house has increased by 13% over the last year, with England home to the highest moving costs at £51,826.
Reasons behind the outrageous price hike, according to experts, are inflated interest rates and recent changes to stamp duty thresholds. Prior to the 1st of April this year those looking to move house would have paid £2,028 in stamp duty though as a result of the Government failing to extend relief thresholds beyond 31st March, the average cost now sits at £4,528 – a 216% increase from 2024.
Against this backdrop, the research – which has come from Yopa’s Housing Market Affordability Review – also shows conveyancing fees are to blame for squeezing movers budgets. Experts found they have increased by 12.5% in England annually, now averaging £1,364.
A similar picture can be seen in Wales as conveyancing fees have increased by 9.5%. However, the nation has experienced the smallest overall increase in the cost of moving of all UK nations at just 3.2%.
In Scotland the rising costs of homes – up by 39% – have contributed to swelled stamp duty or LBTT as its otherwise known. Though these fees are high it is conveyancing costs that put residents out of pocket as they average at £1,163.
At this point you’d think because three out of the four nations that make up the UK are struggling with moving costs at least one would be bearable, however this isn’t true. Whilst Northern Ireland is home to the lowest overall cost of moving (£31,353), this cost has increased by 13.2% since 2024 – the largest growth of all UK states.
‘Homeownership doesn’t come cheap and house prices are the key factor behind the high cost of purchasing a home, with the value of bricks and mortar largely trending upwards over the last 30 years,’ Verona Frankish, CEO of Yopa said.
‘Of course, a mortgage deposit alone isn’t enough to secure a property and there are a raft of additional costs that home movers need to factor in when entering the market, such as stamp duty, conveyancing costs, mortgage repayments and even removals.
‘The bad news is that, like house prices, these costs have increased pretty much across the board and total as much as £52,000 depending on which UK nation you’re looking to make your move within.’
Photo by simon frederick via UnSplash
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