Conveyancers have enjoyed a significant boost in revenue in recent years, thanks to a highly competitive mortgage market, an increase in the number of first-time buyers getting on the property ladder and the willingness of buyers to pay more in conveyancing fees.
According to new research carried out by Post Office Money, the average cost of conveyancing has risen by more than a third (37 per cent) over the past ten years.
Conveyancing fees have risen from £1,138 in 2006 to sit at £1,558 in 2016 – but the cost of conveyancing appears to be low on the average homebuyers’ list of concerns, the report appears to suggest.
When it comes to the overall costs of moving house, including conveyancing, removals, surveyor fees and more, the average person now expects to pay almost £9,500 in total.
However, Post Office Money’s report reveals that the biggest jump in home-moving costs over the past ten years has been in surveyor fees – which have swollen by more than 53 per cent since 2016.
Meanwhile, recent reforms to Stamp Duty Land Tax (SDLT) now see buy-to-let investment buyers hit with hefty ‘second home’ surcharges – while those purchasing properties at the top end of the market can now also expect to pay much higher rates than they would have done ten years ago.
According to Post Office Money, the average total cost of moving house hit £9,472 last year – but is expected to reach £12,257 by 2020.