Cost of buying a home has rocketed in past five years
Recent reports have indicated that the cost of buying a home in the UK has soared by around £2000 in the past five years, and this has come as a result of rocketing fees, low valuations, and more.
Many are worried that these rising costs will put a spanner in the works of the recovery of the housing market. In addition to these rising costs, those looking to sell their homes must now also find the money to get a Home Information Pack in place before the property can even be put on the market.
One property industry expert said: ‘The Government risks shattering the fragile signs of recovery emerging in the housing market. Sellers are already cautious in the current market and this will prevent people from testing the waters, risking a drought of good saleable properties. The Government should be trying to stimulate housing transactions, not tie up the process in more red tape.’
One consumer explained that he was shocked at the cost of moving home these days, and he decided to look at a different option. He said that he decided not to use an estate agent to save money, and instead opted for a home swap, which he said worked out well. He is moving from a £175,000 property to a five bedroom property worth £250,000. Because of the value of the home he is moving into he will still only pay 1 percent stamp duty.
He said: ‘This has worked out well for both parties. I last moved house in 2004 and it is staggering how much the costs of moving home have increased. We would have been hit really hard had we not been able to save some of the costs in this way. Valuation fees and mortgage application fees add up so quickly these days.’
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