Fresh research reveals that the average Briton spends £28,952 on moving home in a lifetime, with the largest share of this money going to estate agents in commission.
According to reallymoving.com, a provider of online quotes from home movers which has launched a new Moving Cost Calculator service, the average person in the UK spends £8,264 every time they buy and sell a property.
The research took into consideration the fact that people in the UK buy an average of four properties during the course of their lives, equating to a total cost of £28,952.
Reallymoving.com report that the greatest single cost for the typical home mover in this country is the commission charged by the estate agent.
Based on an average national property value of £228,000, and median commission charge of 1.8 per cent, the average estate agent’s fee is £4,104, followed by Stamp Duty Land Tax costing £2,280.
The firm also calculated that a further £805 is spent on conveyancing, £355 for a survey and £60 for an Energy Performance Certificate.
Rosemary Rogers, director of Reallymoving.com, said, “Taking a chunk of equity out of your sale to cover the costs of a move is no longer a viable option for many sellers who need to keep hold of their existing equity in order to secure the best possible mortgage rate on their new home. As a result, buyers are more prepared to negotiate hard with estate agents over fees and shop around for the best conveyancing and removals quotes to keep costs as low as possible.
“Our Moving Cost Calculator shows that contrary to popular belief, Stamp Duty is only the most expensive moving cost in London and the South East. For the rest of the UK, estate agent fees are 80 per cent higher than Stamp Duty.”