Typical estate agency fees have risen 61 per cent in the past decade although average house prices have increased by a more modest 39 per cent.
That's the conclusion of a study by the Centre for Economic and Business Research and Post Office Money.
These higher charges contribute to the 60 per cent increase in the cost of moving home since 2004, even though the cost of living over the same period has risen by 29.4 per cent.
The study found that the cost of moving home has risen from £7,475 at the end of 2004 to £11.984 at the end of last year. These expenses increased by 20 per cent in the last year alone.
The survey suggests that 84 per cent of prospective movers - whether first time buyers or existing owner occupiers - under-estimate the cost.
The breakdown of costs found by the survey are:
Stamp Duty:
2004: £1,950
2014: £3,620
87% increase
Estate Agent:
2004: £3,229
2014: £5,214
61% increase
Surveyor:
2004: £402
2014: £607
51% increase
Conveyancing:
2004: £1,039
2014: £1,419
37% increase
Removals:
2004: £855
2014: £1,034
21% increase
Total:
2004: £7,475
2014: £11,894
58% increase
Average house prices and mortgage approvals hit new highs during the...
The number of property sales registered with HMRC rose in July...
Of all the stories I read over the past week, there...
(3).jpg)
A local pub has been named as the most important lifestyle...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment