Conveyancing costing more but not by much
Residential conveyancing solicitor fees are costing less, in real terms, than the cost of other property purchase related fees, according to new research from Post Office Money and the Centre for Economics and Business Research.
According to the researchers, the average cost of residential conveyancing solicitor fees in 2014 was £1,419 in 2014, which, they say, represents just 12% of the total house buying fees, charges and disbursements.
However, the average fee is 37% higher than it was ten years ago, when it stood at just £1,039. Despite this significant rise in cost, the cost of other related charges rose even more during the same ten-year period, with stamp duty up 87% to £3,620, estate agent fees up 61% to £5,214 and surveyors’ fees up 51% to £607.
Only one related cost rose by less, with the cost of removals up 21%, from £855 to £1,034.
In total, the average cost of moving house in the UK has risen by 58% and now stands at a somewhat eye-watering £11,894; this figure though seems tiny when London is looked at in isolation. The capital has an average moving cost of £27,946.
What is clear is that people need the right kind of advice at the right kind of price if they are going to make their property transactions work efficiently, reliably and cost-effectively.
“With prospective home buyers’ attention firmly fixed on saving for a deposit, the additional costs of moving can often come as an afterthought – particularly for first-time buyers who are taking their first steps on the property ladder,” commented John Willcock, head of mortgages at Post Office Money.
If you would like advice and information in relation to a property sale or purchase click here for more from Brighton and London residential conveyancing solicitors Healys LLP.