Research from the Post Office has revealed that the average home buyer in the UK spends a whopping £13,000 moving home!
This huge cost is up 65% since 2006, and most homeowners expect to be paying around half this amount, and don’t have anywhere near enough savings to cover the huge cost. Most buyers hoped to spend around £7,496 on moving, just 57% of what they actually end up shelling out.
However, this cost is set to rise along with everything else – it is estimated that the costs associated with purchasing a property in 2020 will be a staggering £17,717!
Currently, the spend is made up of estate agency fees, stamp duty, removals, conveyancing and solicitors fees – with estate agency fees making up the biggest percentage of the cost, coming in at a huge £5,679 on average. A huge amount compared to the Urban.co.uk average of just £450!
Stamp duty came in second at an average of £4,372, conveyancing at £1,486, removals at £1,037 and surveyors racked up £627.
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