THE cost of moving home in Scotland has risen faster than house prices over the past decade, according to new research.
This compares with a 64% rise in house prices over the same period.
Economists said the increase has been driven by rising estate agency and mortgage fees, stamp duty and other services.
The expense of moving home is now at its highest level since the peak of the housing market in 2007.
Nitesh Patel, housing economist at the Bank of Scotland, said: “The significant rise in home moving costs is particularly concerning at a time when demand in the housing market is weak.”
Estate agents’ fees remain the largest single component of the cost of moving home, accounting for 34% of total costs at £2340. Stamp duty is the second most expensive, making up 19% of costs at £1300 on average.
Other expenses include home removal which, at an average of £1110, makes up 16% of the costs. Fees for surveyors, conveyancing and arranging a mortgage were also included.
From 2010 to 2011, the cost of moving house in Scotland rose by 2.3% from £6814 to £6972. However, the study found first-time buyers (FTB) fared better. The cost of moving home for an FTB stood at an average of £3119 in 2011 – 55% lower than the total for home movers.
This is because the typical first-time buyer does not pay estate agents’ fees or stamp duty, researchers said.
Great well written article – It is amazing how much is costs to now move home. We have seen many people doing the DIY move to cut down the amount spent on removal companies. They buy their packing / removal boxes and with the help of a rented van and some strong family and friends they can save a really significant amount of money