North East most affordable region in England to move house
People living in the North East can expect to pay less than any other English region to move house, a new report reveals.
According to yorkshirepost.co.uk, Lloyds Bank reveals that on average, those living in the North East fork out £6,093 to move to a new home. In comparison, the average Brit will pay around £8,248 to relocate. However, Londoners pay the most, with their costs of moving home rising to £20,825 - more than triple what North East homemovers pay.
The main reason for the huge regional price difference is the cost of stamp duty. In the North East, homes remain fairly inexpensive compared to the rest of the UK. House prices are rocketing in the capital, which is why Londoners have to pay out much higher rates of stamp duty when buying a new home.
Rising estate agency fees and legal costs are also contributing to the increasing expense of moving home. Lloyds Bank says stamp duty, estate agent fees and legal costs have all surged by seven per cent in the past 12 months.
Marc Page, Lloyds Bank mortgages director, says it's actually cheaper to move home now than it was back in 2003, thanks to wage increases.
"The cost of moving can be an expensive one and rising house prices have had an impact on this with more property sales now within higher stamp duty brackets," he explains, reports independent.co.uk. "On top of the costs of moving, homemovers also need to consider the costs involved with changing mortgages, such as product and administration fees."