House move costs up 69% over decade
The cost of moving house in Scotland has risen faster than house prices over the past decade, according to new research.
For those who already own a home, the average cost associated with moving rose by 69% from £4,125 in 2001 to £6,972 in 2011, the Bank of Scotland study found.
This compares to a 64% rise in house prices over the same period.
Housing economists said the increase has been driven by the rising cost of estate agency and mortgage fees, stamp duty and other services.
The expense of moving home is now at its highest level since the peak of the housing market in 2007.
Nitesh Patel, housing economist at Bank of Scotland, said: "With the costs associated with moving home in Scotland rising substantially over the past decade, the task for those looking to move has undoubtedly become more challenging.
"The significant rise in home moving costs is particularly concerning at a time when demand in the housing market is weak."
Estate agents' fees remain the largest single component of the cost of moving home, accounting for 34% of total costs at £2,340.
Stamp duty is the second most expensive, making up 19% of costs at £1,300 on average. Other expenses include home removal which, at £1,110 on average makes up 16% of the costs.
The study also took into consideration the price of mortgage arrangement, conveyancing and surveyors and was the first annual Bank of Scotland review of the cost of moving home.
Copyright (c) Press Association Ltd. 2012, All Rights Reserved.
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