Stamp Duty Shake-Up: Moving Costs Surge
- Sarah Ruivivar
- Apr 7
- 2 min read
The UK housing market is in for a bumpy ride as Stamp Duty thresholds take a tumble, nudging the cost of moving homes up by a whopping 13%.
First-time buyers will see their Stamp Duty relief drop from £425,000 to £300,000, while home movers will now pay from £125,000 instead of £250,000. England, brace yourselves—you're officially the priciest place to relocate, with average costs soaring to £51,826, according to Yopa's latest review.
This hefty figure has ballooned by 10.9% over the past year, with Stamp Duty changes leading the charge. Last year, the average Stamp Duty was £1,433, but now it's skyrocketed to £4,528—a staggering 216% increase! Meanwhile, conveyancing costs have jumped 12.5% to £1,364, and mortgage payments have crept up by 3% to £1,432. Even removal costs aren't immune, rising 1.3% to £917.
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Wales isn't far behind, with moving costs hitting £34,429. Scotland and Northern Ireland aren't escaping the hike either, with costs rising by 7.8% and 13.2%, respectively. Verona Frankish of Yopa reminds us that homeownership isn't just about the mortgage deposit; additional costs like Stamp Duty and conveyancing are climbing too.
Toby Leek from NAEA Propertymark offers a glimmer of hope, noting that improved mortgage products might ease the burden, but calls for a government review of Stamp Duty bands to better reflect property prices. So, whether you're a first-time buyer or a seasoned mover, it's time to crunch those numbers and strategise your next steps in this ever-evolving market. Happy house hunting!
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