It has become cheaper to move house.
New Woolwich research shows the average cost of moving house for sellers has gone down 10% from £5,181 to £4,666 in the past 12 months.
The introduction of home information packs (Hips) from June 1 negates savings clever sellers made when moving house.
The present market favours sellers and the lack of property on the market helps them negotiate deals with estate agents , as well as solicitors , as agents desperately attempt to find sufficient good quality property to feed increasing demand.
The pressure is likely to continue on fees as it remains a sellers market. The introduction of home information packs in the summer adds to the cost of selling a property .
Hips comprise an energy assessment, legal documents, searches as well as optional home condition reports in an attempt to reduce number of property sales that do not go through by providing the buyer with more information from the start.
The HIPs are necessary and paid for by any individual placing their home on the market, with the approximate cost being £400.
This of course increases sellers costs, however, it pales into comparison with regard to the higher costs buyers face due to stamp duty .
An average stamp duty adds £9,750 to buyers costs, with more homes falling under the 3-4% stamp duty brackets.
This has meant that the cost of buying a home has risen despite a fall in solicitors' fees, with Land Charge costs falling under Hips from June 1.
Sellers have the advantage of there being more property demand than properties available, with this driving up asking prices. They are trying to squeeze sellers of every penny they can.
In comparison, buyers pay approximately the asking price to attain the property they want. They also have to pay out for stamp duty and additional costs.
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Cost of Moving Goes Down
Wed, 02 May 2007
Recommended links
Homeowners Demand For Mortgages DownHome Buyers Warned About Fixed Rate Mortgages
Stamp Duty Changes Eqaute to Fewer Houses Sold
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