Brits spend £7.5 billion on moving home

Brits spent more than Â£7 billion moving home in 2015, according to new research.

The report from Lloyds Bank found that the average cost of moving home in the UK has risen by 5 per cent to Â£8,689 in 2014.

The average cost rose Â£431 across the 12 months, a hike that has been primarily driven by estate agent and surveyor fees, which combined to make up Â£386 of that difference.

Andy Hulme, Mortgages Director at Lloyds Bank, comments: "People struggling to cover the costs should look to make savings wherever they can. The recent changes in stamp duty should help buyers reduce their overall cost of moving, which can be a significant boost."

Stamp duty now accounts for 23 per cent of all moving costs, although the average stamp duty paid fell by 1 per cent in the final three months of 2014 to Â£1,9733, thanks to the recent reforms.

Many of these costs have increased as a result of higher house prices in 2014 compared to the year earlier, notes Lloyds.

Indeed, house prices have risen considerably in the past year, while in the 10 years since 2004, the total cost of moving has increased by 15 per cent (or Â£1,137). Nonetheless, average gross annual earnings have increased by 24 per cent over the decade, meaning the total cost of moving as a percentage of earnings has decreased marginally, from 28 per cent to 26 per cent.

As of 2014, though, the cost of moving is at its highest level since 2007. The total amount spent on moving has grown sharply by 15 per cent in 2014, from Â£6.52 billion in 2013 to Â£7.5 billion.