Buying a house is one of the biggest costs that any person in the UK will ever encounter. However, one factor often overlooked is how expensive it can be to move home, with fees, removal company charges and other associated redecorating, and new purchases that come with moving.
According to a study published this week by Lloyds Bank, the cost of moving home is now at its highest level since 2007, when the market was at its absolute peak.
While it might not necessarily sound like good news for buyers, the fact that the market's peak was the last time costs were this high is an indicator of just how strong the property sector is at the moment.
Lloyds' report shows that as of the end of 2014, the last time the figure was addressed, the average cost of moving home stands at £8,689. This is some five per cent higher than in 2013, when the cost was sitting at a mean level of £8,258.
It said that the bulk of this annual increase has come about largely because of the rise in estate agent fees, which have grown by an average of seven per cent in the last 12 months, a rise of £266. In the same period, surveyor charges have seen an even more significant increase, climbing by 22 per cent in the space of a year to finish 2014 at a level of £665.
Lloyds said that anyone looking to move home will see a slight reduction in the overall cost moving forward, with the coalition government's move to change Stamp Duty calculations making it cheaper for the majority to buy a house. However, it also advised that remembering to factor in more than just the price of a home, and saving for this, can be the best way to make sure they can afford to move.
"With the cost of moving at its highest level since 2007, people struggling to cover the costs should look to make savings wherever they can. The recent changes in stamp duty should help buyers reduce their overall cost of moving, which can be a significant boost," said Andy Hulme, mortgages director at Lloyds Bank.