UK households warned over staggering £7,466 rise in key bill next year

UK households face a staggering £7,466 rise in a key household bill, it has been warned. Under the new Labour Party government, a stamp duty shake up is coming, with prospective house buyers and hunters warned to prepare themselves.

The cost of moving homes in 2014 was around £6,534, including legal fees, removals, surveys, and stamp duty. However, today, movers can be sure to spend just under £14,000 to move homes, it has been warned - a staggering rise of £7,466.

Rob Houghton, founder and chief executive of Reallymoving told This is Money: “Raising almost £14,000 to finance a home move is a major challenge for many people, especially with the cost of living so high, making it even harder to save.

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“We've seen an increase in the proportion of first-time buyer activity in the last few weeks as people accelerate plans to move to take advantage of lower stamp duty bills before they rise next spring, but the window is still too tight for many, so it's wise to budget for higher stamp duty costs just in case.”

For first-time buyers, the average cost of moving is £2,186, according to the data from Reallymoving. It is lower because they have no selling costs, and at the moment they usually pay no stamp duty. Factoring in all the different fees, Reallymoving claims movers can expect to pay £13,978 upfront.

Reallymoving said: “The proportion of first-time buyers paying stamp duty will more than double from 17 per cent currently to 39 per cent when the Government reinstates the £300,000 threshold on 1st April 2025. This presents a significant additional upfront cost at a time when first-time buyers are already grappling with high house prices and mortgage rates – as well as extortionate rents which make it harder than ever to save a deposit."