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UK Costs of Moving House

The Tip of the Iceberg

Whether you are buying a new or existing house, bungalow, flat or apartment, the actual price you pay for your new home is only the tip of the iceberg when calculating how much moving house costs. 


Our cost of moving house calculator set out below identifies both the most obvious costs of moving home, but some of the less readily apparent as well.

We have written in some approximate figures to get you started on the task of assessing what your total cost of moving house might be.  

Tip of the House Move Costs Iceberg

Owners costs of moving home in the UK

Assumptions – sale price of present home £200,000, purchase price of new home £275,000

Agents fees on sale of present house at 2% £4,000
Solicitors fees on sale of present house at 1% £2,000
Provision of pre-sale information (e.g. HIP) £500
Possible advertising/promotion support £1,000
Possible early mortgage redemption fee £500
   
 New £150k Mortgage 1/4% arrangement fee
£375
 Mortgage lenders valuation fee 1/4%
£688
 Property condition survey 1/2%
£1,375
 *Stamp duty on purchase 3% on £275k (see notes below)
£8,250
 Solicitors fees on purchase of new house 1%
£2,750
   
 Packing materials to prepare for move
£40
 Removal cost within 15 miles
£1,500
 Electricity, Gas, Telephone, Water changes
£400
 Redirect post for 6 months
£75
 Provision for alterations/decorations in new house
£3,000
 Provision for new Curtains & Carpets
£1,500
 Provision for new light fittings
£500

Subtotal costs of moving house

£28,453
 VAT on everything except stamp duty 17.5%
 £3,535

Indicative total costs of moving home in the UK

£31,988

 

Stamp Duty Tax

This tax is payable by the person buying a property. It can account for between a third and a half  of your moving costs. The amount payable depends on the purchase price of your new property.

Stamp Duty Fees Payable

Up to £125,000- £0              (first time buyers only = £250,000)
£125,001 to £250,000- 1%
£250,001 to £500,000- 3%
£500,001 to £1m- 4%
£1m & over - 5%

In some areas stamp duty may be exempt.  Also in some cases stamp duty may be suspended, e.g. for some first time buyers in shared equity schemes. Further information is available on these at the HMRC’s website.

 

House Move Amercian Style

Moving House Amercian Stye

 

There is no longer a loophole for reducing your stamp duty bill by paying over the odds for fixtures and fittings. Today, the Inland Revenue require you to fill in a detailed form upon which they make random checks, especially if the stamp duty payment falls just below one of the thresholds.

Add a bit more

This may not be an exhaustive list – you may, for example want to allow something for new items of furniture to put in a larger property, or for a replacement kitchen or bathroom (maybe £5,000 to £10,000).  But to get an idea of what it is likely to cost you to move house just replace the figures above with those that are more appropriate for your home removal circumstances.

Also, do please remember that your mortgage repayment costs may also be greater, either because you have taken out an increased mortgage loan, because the interest rate may be higher, or even because you have a lesser number of years in which to finalise your repayments.  In these difficult economic times you may also wish to take out a Mortgage Repayment Protection policy, which of course is another annual cost.

Couple Moving House

The Challenge of Moving House

 

Additionally your home insurance costs are likely to increase, especially if you’ve bought  a more expensive house.  This may also be affected by the age and structure of the building.

Overall Costs

Overall you may be well advised to budget between 12% and 15% of your new house price as the costs of changing your home.

Non-Financial Costs

There are also the social costs to think of.  If you have lived in your present home for a long time and you are planning to move more than a mile or so away, then you, your spouse and children may find friendships are broken or disrupted.

A Community of Interests Gathers at Stonehenge for Summer Solstice  source – Wikimedia Commons – http://www.andrewdunnphoto.com/

A Community of Interests Gathers at Stonehenge for Summer Solstice
source – Wikimedia Commons – http://www.andrewdunnphoto.com/


The same may apply to other family relationships – parents, brothers, sisters, uncles and aunts, etc.  True, in these days of increased telephone and car ownership you may be able to speak with or get to see them fairly easily.  But then again there is a financial cost to this.

Likewise if you belong to a church, club, amateur dramatics group, choir, band, or take part in any other form of social activity, you may find it more difficult, if not impossible to keep up your participation.  At the very least it is likely to incur a time cost.

All of these things will, of course, also impact on what may be one of your most important considerations – education.  Even if your move is being timed to coincide with school, college, or university moves, the time and financial costs of such changes should not be overlooked.

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