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Fees to Move House Increase More than House Prices

Thu, 20 Apr 2006
Moving fees have gone up by more than double the rate of house prices, so recent research shows.

People who moved from a semi-detached property to a detached property in 2006 experienced moving costs increase by 176% since 2000, whilst their house price has increased by 70% during this period of time.

This experience is reversed for home movers lower down the housing ladder; they find moving fees cheaper in comparison house prices than in 2000, so recent research by the Woolwich has highlighted.

This research shows that moving from a semi-detached property valued at £174,744 to a detached property valued at £293,248 costs £12,535.

In 2000 the same move, when a semi-detached property was prices at £91,341 and a detached property was £161,086, would have cost just £4,535.

This is greatly due to governmental failure to change the 3% stamp duty threshold, set at £250,000, due to a detached house now costing well above this price .

Yet the cost of moving for the average home mover has gone up more slowly than house prices since 2000.

Homeowners moving from an average terraced home, priced at £149,906 to a semi-detached property priced at £174,744, would now pay £5,304.

The same move in 2000 would have cost £3,333, an increase of 59% compared to house price growth of 95% for these types of properties .

Andy Gray, Woolwich's head of mortgages, emphasises that estate agent fees and solicitors charge quite competitive prices which all adds up high moving costs
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