Moving house: Londoners pay an average of £30k in taxes and fees in moving costs - triple the national average

Moving costs in London are nearly three-times the national UK average according to a report by Lloyds Bank.

It costs more than £31,400 on average to move property in the capital when you add stamp duty to the fees charged by estate agents, solicitors and removal companies.

The cost of moving in Greater London has risen by 18 per cent in the past 12 months, an increase of £4,732 – that’s more than five times the national increase of £870 (9 per cent) this year.

The discrepancy nationally can be explained by rising house prices in the capital, pushing up estate agency, stamp duty and conveyancing fees. House prices across Greater London have risen by 14.5 per cent over the past year compared to the UK average of 8.5 per cent.

Nationally, the total cost of moving has almost reached £11,000.

One fifth of Londoners now borrow money from family to fund moving house, according to a separate study from WeRoom.

“The cost of completing a home move in the UK has grown significantly over the past decade, to nearly £11,000,” said Mike Songer, Mortgage Director at Lloyds Bank.

“This trend is especially marked for buyers in London and the South East, with the combination of both higher property prices and more rapid increase in prices in recent years resulting in significantly higher moving costs in these parts of the country.”