Saturday, May 20, 2006
Category:
Property
The cost of moving to a more expensive property has increased significantly over the past few years, according to a new report.
A study by the Woolwich claims that stamp duty is having a large impact on the final cost of moving.
The transaction costs of moving from a semi to a detached house have risen by 176 per cent in the past six years due to the three per cent stamp duty imposed on houses above £250,000.
"It's at the top end of the market that people are getting unsettled by headline numbers like £25,000 to move up from a semi-detached to a detached house," said a Woolwich spokesperson.
The Woolwich claims that the transaction costs of moving from a moderately priced terraced house to an average-priced semi have risen by 59 per cent since 2000, well down on the 95 per cent increase in house prices during the same period.
