Cost of moving home in London soars above £20,000

Average cost of moving home in London soared to more than 20,000 pounds, with stamp duty covering nearly half of the total cost in 2013, a fresh research report by Lloyds Bank revealed.

According to the report, the average cost of moving home in the capital city soared to 20,825 pounds in 2013. It was more than double the UK average of £8,248, and nearly triple of the average cost in several parts of the Northern England. The cost of moving in the south eastern parts of England jumped most quickly in the ten years to 2013, increasing 85 per cent to 16,187 pounds.

Between 2012 and 2013 alone, the average cost of moving home jumped by nearly 3,000 pounds. Movers paid an average stamp duty of 10,850 pounds last year in the capital. It was more than five times the average tax paid by buyers of homes in the country at large.

Commenting on the findings, Lloyds Bank's Marc Page said, "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."

Mr. Page added that home movers also have to take into consideration other costs involved with changing mortgages, such as administration fees, in addition to the costs of moving.

According to figures released by the Office for National Statistics (ONS), house prices in the UK increased 9.1 per cent year-on-year to hit a new average high of 253,000 pounds in 2013.