Moving costs in London eight times higher than Liverpool

The average cost of moving home in London is eight times higher than in Liverpool, research by Barclays suggests.

The combined cost of stamp duty, legal fees, land registry charges and estate agency commission for those who have an existing property to sell means that home movers in the capital are forking out an average of £22,417 when they relocate. 

In Liverpool those moving home can expect to pay £2,787, largely as a result of much lower stamp duty costs.

Many buyers escape the tax altogether as Hometrack puts the average property price in the city below the stamp duty threshold at £123,000.

In London, where the average house price is £482,200, homebuyers typically have to hand over £14,110 to the taxman. 

With legal fees and estate agency commission both linked to property values, buyers in areas with the highest house prices are facing extra costs on almost all aspects of the moving process.

After London, the next most expensive cities for home movers were Cambridge at £18,591, Oxford at £17,609, Bristol at £9,296 and York at £8,971.

The next cheapest cities after Liverpool were Glasgow at £2,821, Newcastle at £2,924, Belfast at £3,226 and Sheffield at £3,294.

Barclays head of mortgages Hannah Bernard says: “Buying a house is a huge financial moment and the lead up to your dream home should be as stress-free as possible. 

“Our findings show that on top of the burden of expected costs, homebuyers are getting caught out by additional costs that are not included in the asking price.”

She adds: “Whether it is storage for belongings, parking and removal vans or even childcare, buying a new house can really take its toll on finances at a time when home movers will be feeling the pinch. 

“We know that financial pressures are a principal contributor to stress and anxiety around a house move. 

“Being prepared for any last minute costs is a first step to make that milestone as smooth as possible.”

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