Brace yourselves, property professionals! The cost of buying and selling a home in 2024 is climbing to dizzying heights, nearly hitting £14,000 in upfront expenses.
And guess what? It's set to soar even higher! Research from reallymoving reveals that once the Stamp Duty thresholds drop in April, moving costs could reach a record-breaking £16,478.
Currently, the Stamp Duty threshold for buying your next home is £250,000, but come April, it will plummet to £125,000. This means your average Stamp Duty bill could jump by £2,500, pushing the total moving cost to new heights. Movers in the North East and Northern Ireland, who currently enjoy Stamp Duty-free bliss, will soon face bills of £2,400 and £2,500, respectively.
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First-time buyers aren't spared either. Their Stamp Duty relief will shrink from £425,000 to £300,000, doubling the number of purchasers paying the tax from 17% to a whopping 39%. The north-south divide in moving costs remains stark, with Londoners shelling out a jaw-dropping £30,048 to move, compared to just £5,492 in the North East.
Despite a slight dip in median house prices, which has temporarily eased some costs, the looming Stamp Duty changes are prompting a flurry of activity. First-time buyers are rushing to seal deals before the April deadline, but many may find the window too tight.
Rob Houghton, CEO of reallymoving, advises movers to budget for higher costs and shop around for the best deals on conveyancing, surveying, and removals. With the New Year and early spring likely to be busier than ever, securing a reliable conveyancer will be crucial.
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