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Thu, 20 November 2008 |
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Conveyancing News: Cost of moving hit by stamp duty taxes |
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Article Published: 30-Apr-2007 According to Property Finder the price of moving home has almost trebled over the last decade with average moving cost now around £10,000. Property Finder found that homeowners were spending: · About £5,009 in stamp duty · Estate agent fees of £3,027 · £1,000 paid out to solicitors for the conveyance of the property · £450 to removals firms Increasing costs are a result of our ever-rising house prices and a shortage of available properties, particularly at the lower end of the property market. Chief executive of Property Finder, Warren Bright says, "The high cost of moving home has definitely contributed to the current supply shortage in the housing market. In the past, when costs were low, there was little to prevent people from making a number of small steps up the housing ladder." Stamp duty accounts for more than half of all moving costs on the average UK property and has risen to almost £8 billion over the last decade. However, Gordon Brown ignored calls to reform the tax in this years Budget. Source: Conveyancing-0800.co.uk |
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