Cost of moving triples to £9,500 by Finance News Bulletin

Published: 31/03/07

information Companies & markets Investing Power portfolio Campaigns Mortgages & homesMortgage featuresInsurance Consumer advice Broadband & phones departure Saving & banking Credit & loans little business Tax & wills Message boards Money blog gear & calculators Ask an expert Guides contrast & buyThe cost of moving home has more than tripled over the past decade - creating a vicious circle where a shortgage of properties in well-liked areas is pushing up home prices even further

UP & UP: Stamp duty, agents cost and legal costs have all risen as the price of moving has more than tripledA QUICK cash MAKEOVER If you only have one minute to learn how to sort your money, forget the rest and read this>> Our 8-step planThe buying and selling process - excluding possessions prices and mortgage fees - now expenses £9,486 This is more than three era the £2,925 it cost in 1996And homeowners opting to stay put or extend rather than move up the property steps have substantially reduced the supply of homes for sale - serving to push up house prices further and further increase moving costs

According to a study free today by listings website propertyfindercom, homeowners typically disburse out £5,009 in stamp duty, £3,027 in land agency fees, £1,000 in legal fees and £450 in removal expensesIn 1996, stamp duty cost the average purchaser just £543 - meaning that the burden of the property duty has increased by almost 825% in a decade Gordon Brown unnoticed widespread calls for a major revision of stamp duty in his Budget last week

Warren brilliant, leader executive of propertyfinder, said: 'On top of rapid house price inflation, home sellers have to contend with the tall costs of touching home The largest factor is stamp duty, which now accounts for more than half of touching costs on the average house and has risen almost tenfold in ten years'Without doubt, the Chancellor has been the main beneficiary of the booming housing market The high cost of touching home has definitely contributed to the current supply lack in the housing market

In the past, when costs were near to the ground, there was little to prevent people from making a figure of small steps up the housing steps'The high cost of touching has led to a boom in demand for property renovations, especially in London and the South East Companies that specialise in excavating and converting cellars report full arrange books, while the number of extensions and attic conversions being undertaken is also increasing rapidlyPropertyfinder's report said estate agency fees had risen by 141% from £1,257 since 1996 - boosted by the fast rise in house prices - while removal costs were up 20% from £376, and lawful fees had risen 17% from £857

A lack of supply, high demand and banks and structure societies easing their lending criteria have driven up house prices over the past day, however research has shown that growth has not been spread consistently across the countryProperty research firm Hometrack reported that a two-tier possessions market has developed in England and Wales, with London showing its main journal jump in house prices for two years in March, of 18%, while prices were flat in Wales and grew just 03% in the North

Research by Britain's main mortgage lender, Halifax, suggested that the average cost paid by first-time buyers in London breached the £250,000 barrier for 3% trample duty last year, leaving them legally responsible for a tax bill of at least £7,500© 2007 Associated Northcliffe Digital Ltd Terms Privacy policy Advertise with us LoansCardsMortgagesInsuranceCompare the most excellent deals around with This is cash

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