Londoners' moving costs soar

Research indicates that London homeowners will incur significant costs when buying and selling properties in 2024, with upfront expenses reaching £30,048. This figure is more than double the national average of £13,978. The situation is set to worsen next April when Stamp Duty thresholds are reinstated, pushing costs to a record £32,549. First time buyers will be particularly affected, facing a 245% increase in moving costs, from £2,551 to £8,801. Rob Houghton, founder and CEO of reallymoving, explained: “Raising over £30,000 to finance a home move is a major challenge for most people.” The report highlights that the average time to save for a first home in London is nearly 8 years and 7 months, which will extend to 9 years and 9 months after the April changes. 

Evening Standard (28/11/2024)