United Kingdom Property News

Vendors looking for alternative ways to sell property

A new report has found that the cost of moving house is now 70 per cent higher than it was a decade ago and now stands at £9,000. House moving costs are now equivalent to 27 per cent of the average UK full time wage compared to 23 per cent in 2011.

Increasing numbers of vendors are therefore looking to cut their moving costs by considering low price alternatives to traditional ways of selling.

Estate agent’s fees remain the biggest cost of moving
The report from Lloyds TSB considered the costs of moving home in terms of estate agent’s fees, stamp duty, solicitor’s costs, survey fees, removal costs and mortgage arrangement fees.
Estate agent’s commissions remain the biggest proportion of the total cost at 38 per cent (or an average £3,400) with stamp duty following behind at 21 per cent (or £1,876.)

The Lloyds report found that the average home moving bill is up 69 per cent on a decade ago, while the average house price was up 64 per cent.

Suren Thiru, housing economist at Lloyds TSB, said: “With the costs associated with completing a home move in the UK rising substantially over the past decade, the task for those looking to move home has undoubtedly become more challenging.

“The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak.”

Sellers seeking more cost-effective ways to market their homes
With costs having risen sharply it is no surprise that sellers have looked to alternative ways of marketing their property.

Finance expert Simon Lambert told the Daily Mail that negotiating estate agency fees was a great way to save money. He added: “Even better, you could opt to try and sell your home yourself, either through a listings website, or a flat-fee agent. This could save you thousands.”