Cost of moving 'almost £10,000'
The price of moving home has almost tripled in the past ten years with average costs now standing at around £10,000, according to Property Finder.Research by the website discovered that home movers spend about £5,009 in stamp duty taxes alongside hefty estate agent fees of £3,027. Upwards of £1,000 was also paid out to solicitors for the conveyance of the property while £450 went to removals firms.Escalating costs are a result of rising house prices and a shortage of homes, particularly at the bottom end of the property ladder where many younger people are desperate to get on the first rung, today's research claims."The high cost of moving home has definitely contributed to the current supply shortage in the housing market," said Warren Bright, chief executive of Property Finder. He added: "In the past, when costs were low, there was little to prevent people from making a number of small steps up the housing ladder."Stamp duty, which accounts for over half of moving costs on the average home, has risen sharply over the past ten years from £1 billion to £8 billion, but Gordon Brown resisted calls to reform the tax in last week's Budget."Without doubt, the chancellor has been the largest beneficiary of the booming housing market," Mr Bright went on to say.
Share this..
Related stories
ACAS move to end British Airways dispute
The conciliation service ACAS is today set to issue a number of new proposals which could hopefully see an end to the British Airways dispute with Unite union. At this moment in time the proposals from the conciliation service will remain confidential but meetings with the two parties have been scheduled for this week. As a consequence of difficulties experienced at the last meeting between the tw...
Read MoreGovernment calls in ACAS to mediate wildcat strikes
As we covered earlier on the site, there have been a number of wildcat strikes across the UK in support of UK workers who have been effectively barred from employment opportunities with overseas companies trading in the UK. These employment opportunities consist of a number of engineering and construction projects which were awarded to overseas contractors who have brought in their own labour at t...
Read MoreIs The Worst Yet To Come For UK Business Plc?
A report by BDO Stoy Hayward has cast a very large shadow over the UK business market with the company forecasting a significant rise in UK company insolvencies over the next two years. Only two months ago they had been predicting an 11% rise in insolvencies over the next two years, but that has now been increased to 18%. As more and more businesses admit to trading and financial difficulties, m...
Read MoreMoody's confirms big four Triple-A ratings
Credit rating giant Moody's has today confirmed the Triple-A ratings for the UK, the US, France and Germany and while it has concluded that the risk of downgrades has increased over the last few months, it is unlikely the countries in question will lose their Triple-A ratings. There is no doubt that the increase in national debt, and the increase in budget deficits, between the big four is conc...
Read MoreUK gilt sale fails for first time since 1995
The Debt Management Office (DMO) which is in charge of managing UK government debt has today confirmed the failure of the sale of £1.75 billion worth of gilts set to mature in 2049. This is the first time that a sale of gilts has not been fully covered in the market with bids received for just £1.63 billion worth of stock on offer. This is a marked change from recent auctions which have on avera...
Read More