The cost of moving home has risen 9% in the space of just a year

 
The cost of moving home has risen 9% in the space of just a year [Photo: Photobuay via iStock]

It's often said that moving home tops everything when it comes to the most stressful things anyone will ever go through, but according to new reports, not only is moving to a new UK property taxing on the mind, but it is hitting buyers more heavily in the wallet than ever before. 

A new study carried out by Lloyds Bank found that the average of cost of moving from one home to another has jumped to around £11,000 for Brits. This means that in the space of just 12 months, the average cost has climbed by nine per cent. 

In London, it's an even heavier charge for those moving home. The average cost, according to Lloyds, in Greater London is now 18 per cent higher than it was just a year ago. 

Lloyds said that the main reason for a rise in the cost of moving is that house prices are still rising markedly. While the value of the home is not included in the moving cost buyers face, higher house prices do mean inflated costs for things like estate agency fees and those for conveyancing and Stamp Duty. 

"The cost of stepping up the housing ladder has continued to rise sharply over the past year. As a result, the cost of completing a home move in the UK has grown significantly over the past decade, to nearly £11,000," said Mike Songer, mortgage director at Lloyds Bank.

"This trend is especially marked for buyers in London and the south-east with the combination of both higher property prices and more rapid increase in prices," he added. 

Over the course of the last decade, the rise in moving costs has been a lot steadier than in the last year. According to the findings, the ten years to 2016 has marked a 25 per cent increase on this front, which Lloyds said is largely in line with house price growth in the same period.