Moving House: Tips on Keeping Costs Down Wolverhampton

The cost of moving has risen above £5,500 (photo: pixmedia) Negotiating on the costs of moving home can help to keep costs down and homebuyers should remember to do so, a leading bank is today advising.

Woolwich says buyers should negotiate on the price of the property, estate agents fees and conveyancing fees, whic are just some of the reasons why the average cost of moving is now over £5,500.

In total Britons spent £10.6 billion on moving home last year - with over half going on stamp duty, £3.2 billion going to estate agents and over £1 billion going to solicitors, the annual Woolwich Cost of Moving survey reveals.

The survey calculated the cost of moving from a property worth £150,000 to a property worth £200,000.

This now stands at £5,551 - an increase of £174 on last year. And this is before you can even think about furnishing or redecorating your new property.

Andy Gray, head of mortgages at Woolwich, described the findings as "staggering".

"The cost of moving could become a deterrent when looking to move home," he warned, "especially when you consider that it equates to around a quarter of the average UK salary before you even get in the door.

"That's not including any money you have to spend on redecorating, etc, when you get there. It's no wonder DIY is such a popular pastime."

The cost of moving varies by region, with buyers in London paying over £6,000 compared to buyers in the North who pay an average of £4,800.

Buyers in East Anglia, the South West and the South East are also paying more than the national average.

The bank is also advising homebuyers to factor in costs like legal fees and land registry searches when budgeting because the cost of these can mount up.

And it advises buyers to shop around for mortgages because some providers offer additional benefits such as cash back or payment of legal fees - leaving more money for that new sofa.