Estate agency fees contribute to higher average movin...

Rising estate agency fees account for more almost half of the increase in average moving costs in the past year, according to new research.

Lloyds Bank's study into home moving found that the average cost of moving in the UK has increased by £870 to £10,996 during 2016.

The report states that increasing house prices have pushed up estate agent and conveyancing fees, as well as stamp duty, forcing a 9% rise in costs for the average mover.

During 2016, Lloyds calculates that the average seller pays £5,404 in estate agency fees, an increase of over £400 (8%) when compared to last year's figure.

Lloyds worked out its figures using data from Halifax's House Price Index from Q2 against an average estate agency fee of 1.8% + VAT as reported by Which? in 2011.

According to the study, average stamp duty costs have increased by 17% to £2,054, with legal costs up 8% to £1,251.

The largest increase in average moving costs was recorded in Greater London at 18%, equivalent to £4,732 – more than five times the national increase.

This is down to Halifax's figures showing that house prices in Greater London have increased by 14% over the past year, compared to a national average of 8.5%.

Lloyds says the average mover in the capital now pays over £30,000 – made up by approximately £15,000 on stamp duty land tax and £11,000 in estate agency fees.

The lowest average moving costs were recorded in Northern Ireland at £5,401, while costs in Wales, Yorkshire and the Humber, the North East, the North West and Scotland were all between £6,900 and £8,000.