Call for your free quote 0800 955 0058

Cost of moving home for London home buyers has risen to £32,000

Higher house prices and stamp duty mean the cost of moving home in London has risen to £32,092 or 47% higher than a decade ago.

The latest report by Lloyds Bank shows the average cost for home movers buying a new property is £11,624 or a rise of 5.7% over the last year at a time when average earnings are up by only 2%.

This expense homeowners must pay includes stamp duty, estate agency, surveyors, home removal and conveyancing costs.

In London the cost is even higher due to higher house prices at £32,092, three times higher than the national average and the cost of moving has increased 47% or £10,225 in the past decade.

First time buyers can avoid some of the expenses paid by home movers such as estate agency, home removal and often reduced stamp duty costs.

There are significant regional differences

There are significant differences in the total amount homeowners pay to move home and the change in costs over the last year as shown in the following table produced by the Lloyds Bank research.
Region 1 year change
Moving cost
London 2% £32,092
South East 6% £21,373
South West 21% £13,443
East Anglia 18% £12,909
West Midlands 2% £10,044
East Midlands 13% £9,460
North West 8% £8,092
Wales 6% £8,008
Yorks and the Humber -1% £7,623
North East -8% £6,539
Scotland -8% £6,418
Northern Ireland 14% £6,131
The national average cost of moving home £11,624 disguises significant regional differences with the cost in Northern Ireland as low as £6,131, Scotland costing £6,418 and the North East £6,539.

This compares to London where home movers pay an average of £32,092 or the South East second most expensive with £21,373.

Andrew Mason, mortgages product director at Lloyds Bank said, The cost involved when moving home has continued to rise over the past year, making it even more difficult.

The combination of both higher property prices, and the rapid increase in those prices in recent years, results in significantly higher moving costs, says Mr Mason.

There have also been large changes over the last year with the cost of moving in the South West rising 21% or £2,345, four times the national increase of £628.

Costs have reduced in other regions such as the North East falling -8% or -£594 less to move and Scotland also down -8% or -£529 less for moving home and reflects property price differences in these areas compared to the rest of the UK.

Moving costs increase to a third of earnings

The total cost of moving in the UK has increased by £2,029 or 21% in the past ten years from £9,595 in 2007 to £11,624 today.

Data from Lloyds Bank shows the total cost of moving has risen to 34% as a percentage of gross annual earnings in the past ten years.

Of the £11,624 moving cost over half is due to stamp duty land tax (SDLT) rising by £393 or 16% to £2,897 as shown in the table below.
Moving cost Cost 2017 1 year % change
Stamp duty £2,897 16%
Estate agency £5,571 3%
Surveyors £665 0%
Home removal £1,141 3%
Conveyancing £1,290 3%
EPC £60 0%
Moving costs in London are almost three times more than for the UK as a whole at £32,092 paying significantly more on stamp duty.

For older remortgage buyers that are required to repay their loan by the lender, rather than downsizing and paying stamp duty tax they can agree a lifetime mortgage.

The average home mover in the capital pays just under £16,000 in stamp duty and over £11,000 in estate agency fees whereas for the national average this is reversed.

These higher costs may deter homeowners from moving in the first place and equity release mortgage buyers can access wealth in their properties for home and garden improvements.

What are your next steps?

Speak to our LCM mortgage advisers if you are planning to move home, buying your first home, remortgaging your existing home to a new cost effective mortgage deal or are a buy-to-let investor.

For equity release buyers our London City Mortgage brokers can recommend lifetime mortgages allowing you to receive cash from your property to help maintain your standard of living or even buy a more expensive home.

Start with a free mortgage quote or call us and we can take your details. Learn more by using the mortgage cost calculators, equity release calculator and property value tracker chart.

Use your dashboard to access online mortgage quotes, money off vouchers and start your mortgage application online 24/7 on desktop, tablet or smartphone.

Mortgage Best Buys

These are examples of mortgage products we can approach with many more offering interest rates and flexibility to meet your needs.

2.95% Fixed Rate
Interest Roll-Up
15% Loan to Value
£650 Lenders Fee
2.96% AER
1.21% Fixed Rate
60% Loan to Value
£1,034 Lenders Fee
Until 30/10/2021
Reverts to 4.24%
1.19% Fixed Rate
60% Loan to Value
£1,025 Lenders Fee
Until 31/01/2022
Reverts to 4.24%
1.47% Tracker Rate
60% Loan to Value
£1,024 Lenders Fee
Until 2-Years Time
Reverts to 4.24%

The latest mortgage news

07 May 2020

Home buyers back to browsing property since Covid-19 lockdown

The number of hours home buyers spend online looking for property has increased since the lockdown with 40% rise in London.

28 Apr 2020

Demand for homes falls 70pc as housing market is suspended

The government has effectively suspended the housing market with the lockdown to control the spread of the Coronavirus pandemic.

21 Apr 2020

Equity release rates fall to record lows during Covid-19 crisis

Interest rates for equity release products drop to record lows as uncertainty continues over the Coronavirus economic impact.

14 Apr 2020

Mortgage payment holidays given to 1.2 million homeowners

Lenders have agreed to give 1.2 million homeowners impacted by the Coronavirus crisis a mortgage payment holiday.

Call for your free quote 0800 955 0058


    Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.


    Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.


    9th Floor, 30 Crown Place
    London, EC2A 4EB

    0800 955 0058


    London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.

    2020 © London City Mortgages.
    Website designed & developed by Spyre Media