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Cost of moving 'now almost £12,000'

By Wesleyan

Moving home is considerably more expensive than it was a decade ago, research shows.

A study put together by the Centre for Economics and Business Research reveals average moving costs soared from £7,475 in 2004 to £11,894 in 2014 - a jump of 59 per cent - as property prices went up.

It means first-time buyers are forking out more, and saving for longer, to get on the property ladder, as are homeowners looking to sell their existing properties.

The new rates of stamp duty, estate agent costs, surveyors' fees, and removals were all included in the cost of moving.

Despite stamp duty being made cheaper than it was previously for the majority of home buyers who are liable to pay it, following changes introduced in December 2014, the tax is still proving costly.

This is because house price increases over the last decade have pushed a large number of properties into higher stamp duty brackets, with many jumping above £125,000 - the rate at which the duty comes into play.

Copyright Press Association 2015

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