The sharp rise in costs is as expected at the highest in the capital with London homeowners having to shell out £4,732 more than this time last year with the average cost of moving in London now at a staggering £31,416. It is reported that house prices in London have risen by 14.5% in the last year which contrasts to 8.5% across the UK as a whole.
Homeowners living in London have always had to bear the brunt of increased costs and 2016 is no different with the average person having to shell out a staggering £15k in stamp duty and likewise £11k in estate agency fees, making it more and more difficult for first time buyers who are not on the ladder to take the first step.
London and the South East, in general, tend to experience more rapid rises in pricing than any other parts of the country due to higher property prices both commercially and residentially. According to Lloyds, the cost of moving has increased at a much quicker rate than the average person’s earnings with the total cost of moving rising from 30% to 32% as a percentage of gross annual earnings.
Up to 73% of annual earnings can be taken up by moving costs in London as opposed to the remainder of the UK where the price has consistently fallen over the last decade with Northern Ireland coming out as the cheapest prices.
The financial collapse of 2007 saw house prices fall to 27% or £1,957 in the last decade and now coming in at £5,401 average. North East of England and Wales are now also slightly lower in price when compared with 10 years ago, both down by £111 and £154 respectively.
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