Cost of moving rises faster than house prices over the past decade

The cost of moving house in Scotland has risen faster than house prices over the past decade, new research has revealed.

The average cost of moving house for a homeowner in Scotland has risen by 69% in the last ten years, from £2,847 in 2001 to £4,125 in 2011.

This is higher than the rise in the average house price in Scotland, which has gone up by 64% over the same period.
The dramatic rise in moving house has been put down to a large increase in the costs associated with moving house.
The three biggest expenditures when it comes to moving house are estate agentsí fees, stamp duty and mortgage fees ñ all of which have risen steeply in the past decade.

The biggest increase was in mortgage arrangement fees, which have gone up by a whopping 252% since 2001, to an average of £1,076.

Estate agentsí fees have risen by 64% in the past decade, to £2,340, with stamp duty also rising by 64%. The increase in all three components accounted for more than three quarters of the total rise in moving costs.

ìWith the costs associated with moving home in Scotland rising substantially over the past decade, the task for those looking to move has undoubtedly become more challenging,î said Nitesh Patel, Housing Economist at Bank of Scotland.
ìThe significant rise in home moving costs is particularly concerning at a time when demand in the housing market is weak.î

In the rest of the UK, the South East of England saw the biggest increase in moving costs ñ rising by 132% over the last decade.

This was closely followed by London in second place, with a ten year change of 127%. The North East of England came third, with an increase of 91%.

If you are thinking about moving house, remember to think about your home insurance. You can compare home insurance with Money Expert.

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