Moving Fees Increase 176%

The cost of moving house has increased by more than double the rate of buying a new house since 2000 for some homeowners, according to Woolwich.

The mortgage provider found moving fees for people swapping an average semi-detached property to an average detached property have increased 176 per cent in the last six years compared to a rise of only 70 per cent in house prices.

The cost of moving from an average terraced home price at £149,906 to a semi-detached £174,744 is £5,304 in England and Wales.

The same move in 2000, when an average semi-detached property cost £91,341 and an average detached property cost £161,086, would have cost only £4,535.

According to the research, moving fees have risen for most home movers but more quickly for those higher up the property ladder.

Moving from an average semi-detached property valued at £174,744 to an average detached property worth £293,248 now costs £12,535.

Experts say detached properties have increased following the government's three per cent stamp duty threshold set at £250,000.

"It's at the top end of the market that people are getting unsettled by headline numbers like £25,000 to move up from a semi to a detached," said Andy Gray, head of mortgages for the Woolwich.

"At these levels people are thinking seriously about extending or converting a basement or loft which can be more cost effective than moving."