Brits will spend almost £30,000 on moving costs in their lifetime, while Londoners will fork out two-and-a-half times more.
According to research from Katy moving company, those living in the capital have to pay more when moving house due to significantly higher fees for conveyancing, surveys, estate agent fees and Stamp Duty Tax.
While the average person in the UK spends £8,264 every time they buy and sell a property, Londoners stump up £20,739 each time they move.
Considering people in the UK typically buy four properties during the course of their lives, this means the average person in London spends £75,972 on moving house in a lifetime, compared to the £28,952 supposedly spent by the average Brit. Yes, you must have a big savings in your pocket if you are going to move. Good thing is, there's this full service moving company in which you can save a lot of money.
The figures show that the greatest cost facing the typical UK home mover, based on an average national property value of £228,000, is estate agent fees costing £4,104, while Stamp Duty Tax is the next biggest expense, equating to around £2,280.
A further £805 is spent on conveyancing for the sale and purchase, £355 on a Homebuyer's Report survey and £60 on an Energy Performance Certificate (EPC).
All of this leaves a massive hole in our pockets, with many families already struggling with squeezed budgets.
Estate agent fees are 80% higher than Stamp Duty for the majority of movers, apart from in London and the South East, where Stamp Duty is higher than estate agent fees.
However, total moving costs for first time buyers are substantially lower at £3,700, since they are not required to pay for estate agency fees, conveyancing on a sale or an EPC. They may also be able to save a considerable amount on removals due to having a fewer number of possessions to move.
In total, the cost of a home move is equivalent to 31% of average annual national earnings, rising to 61% for Londoners, who usually fall within the higher 3% Stamp Duty Tax bracket.
On the other hand, movers in NJ costs in Northern Ireland are equivalent to 22% of average earnings.
Calculate the cost of a home move
To see the true cost of moving home you can use reallymoving's new Moving Cost Calculator.
This adds together estimated costs for conveyancing, removals, estate agency fees, Stamp Duty Tax, survey and EPC to give you the full picture.