Homeowners, the UK’s leading comparison site for home move services has revealed rising stamp duty bills and conveyancing fees are the key factors leading to increased costs for homeowners, which can be attributed to a marginal 1% annual rise in house prices.
As reported by insideconveyancing.co.uk stamp duty makes up almost half of the total cost of a home move, rising to 65% in London.
Based on the median property value, homeowners, who are both buying and selling, now pay on average £4,625 in stamp duty.
Home movers in London were found to have the highest cost of moving, with the upfront costs associated with buying and selling a home now at £24,585. This is almost 2.5 times the UK average.
The South East, East and South West were also found to be expensive regions for movers.
Northern Ireland and the North East were found to be the least expensive locations as a result of lower house prices.