The average cost of moving home in the UK was £9,472 in 2016 according to a survey by the Centre for Economics and Business Research and Post Office Money.
This is an eight per cent increase on a year ago and 25 per cent more on the figure a decade ago.
Average agent fees have risen 31 per cent from £3,279 in 2006 to £4,310 last year - but surveyors’ charges have increased 53 per cent (£498 to £764).
Conveyancers’ increases have been 37 per cent, from £1,138 to £1,558, while removal costs have risen 13 per cent from £942 to £1,065.
Despite these rises the latest 2016 figure is 13 per cent down from the heights of 2014 largely due to stamp duty reforms which have reduced costs for most buyers.
Back in 2006 the average cost of moving was £7,590 but the survey’s compilers insist the 25 per cent hike in the intervening 10 years would have been much larger had it not been for the Coalition government’s removal of the SDLT ‘slab’ system.
This reform - although currently unpopular with agents selling homes high-priced homes - reduced SDLT for the substantial majority of buyers.
Post Office Money says the average stamp duty bill fell from £4,227 at the end of 2014 to £1,774 at the end of 2016.
Estate agents’ fees have risen gradually over the decade according to the survey:
2006 - £3,279
2007 - £3,643
2008 - £3,057
2009 - £3,003
2010 - £3,027
2011 - £2,959
2012 - £2,980
2013 - £3,227
2014 - £3,647
2015 - £4,069
2016 - £4,310
This is how the conveyancing fees have risen:
2006 - £1,138
2007 - £1,202
2008 - £1,192
2009 - £1,134
2010 - £1,207
2011 - £1,233
2012 - £1,291
2013 - £1,345
2014 - £1,419
2015 - £1,486
2016 - £1,558
But the largest proportional rises by far have been amongst surveyors:
2006 - £498
2007 - £516
2008 - £536
2009 - £535
2010 - £557
2011 - £579
2012 - £593
2013 - £610
2014 - £606
2015 - £627
2016 - £764
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There is no way most conveyancers charge £1,558 for a purchase unless the extras (searches etc) are included. In which case it should say so. I doubt many charge £1,138.00!
I have to agree with Rob - most of our competitors charge in the region of £900 or less. I'd like to see the breakdown of costs.
Looking at the end points in isolation misses what I think is an interesting point, that is estate agency fees appear to be the more sensitive to the market.
My reading of the numbers suggests that agency fees substantially fell for the first part of the decade.
The effect of inflation from 2006 to 2016 is 32.8%.
So we've had an effective pay cut!
Whilst property prices have risen 47.7% over the same period.
Yay - clever going!
Stats from the Bank of England Website... http://www.bankofengland.co.uk/education/Pages/resources/inflationtools/calculator/default.aspx
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