The cost of conveyancing in a home purchase has risen less than fees charged by estate agents and surveyors in the past decade, new research has revealed.
The average cost of conveyancing services for a purchase was £1,419 in 2014, amounting to around 12% of the total outlay on house-buying charges, according to a study compiled by Post Office Money and the Centre for Economics and Business Research.
That represented an increase of 37% compared with 2004, when the average conveyancing cost was £1,039.
But the rate of increase was significantly less than for other costs associated with moving home.
Stamp duty rose 87% to £3,620 in 2014, estate agent fees increased 61% to £5,214 and surveyors’ fees were up 51% to £607.
Only the cost of removals, which rose 21% from £855 to £1,034 over the decade, increased at a slower rate.
Estate agent fees now equate to 44% of the total costs, with stamp duty making up 30%. The total average cost of moving home has risen by 58% since 2004 from £7,475 to £11,894.
Read the full Law Society Gazette article here
The average cost of conveyancing services for a purchase was £1,419 in 2014, amounting to around 12% of the total outlay on house-buying charges, according to a study compiled by Post Office Money and the Centre for Economics and Business Research.
That represented an increase of 37% compared with 2004, when the average conveyancing cost was £1,039.
But the rate of increase was significantly less than for other costs associated with moving home.
Stamp duty rose 87% to £3,620 in 2014, estate agent fees increased 61% to £5,214 and surveyors’ fees were up 51% to £607.
Only the cost of removals, which rose 21% from £855 to £1,034 over the decade, increased at a slower rate.
Estate agent fees now equate to 44% of the total costs, with stamp duty making up 30%. The total average cost of moving home has risen by 58% since 2004 from £7,475 to £11,894.
Read the full Law Society Gazette article here
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