Homeowners in Surrey could face average buying and selling costs of more than £24,000 when moving to a larger property – considerably higher than the national average of £15,513.

Moving to a bigger home may seem like an exciting next step, especially if you need more bedrooms, additional living space or a larger garden. With more people working from home, an extra bedroom can also provide space for a home office or even a small gym.

However, new research shows how important it is to budget carefully for all the costs involved – particularly here in Surrey.

Estate agency Yopa estimates that the combined cost of buying and selling a property in the South East is £24,216. This is almost £9,000 more than the average across England, reflecting the region’s higher property prices and the Stamp Duty these can generate.

London is the only area where the estimated cost is higher, at £47,704.

How does this compare with the national average?

Across England, the average homeowner faces £15,513 in associated costs when moving from a flat or terraced house to a semi-detached or detached property. Importantly, this figure does not include the additional cost of purchasing the larger home.

Based on average property prices, a flat or terraced house in England is currently valued at £231,746, while the average semi-detached or detached home costs £372,293. This creates an average price difference of £140,548.

Yopa estimates that selling an average flat or terraced property costs around £4,902. This includes:

  • Estate agent fees
  • Conveyancing costs
  • An Energy Performance Certificate (EPC)
  • Removal costs
  • New furniture when your existing items don’t look quite right in your new home!

Buying the next property is estimated to add a further £10,610, including:

  • Stamp Duty
  • Conveyancing fees
  • A homebuyer survey or report

Stamp Duty is the largest individual expense, with the average bill for an upsizer estimated at £8615.

Regional costs vary

The estimated combined buying and selling costs across England include:

  • London: £47,704
  • South East: £24,216
  • East of England: £18,353
  • South West: £16,571
  • West Midlands: £12,028
  • North West: £11,091
  • East Midlands: £9,917
  • Yorkshire and the Humber: £9,057
  • North East: £7,066

These findings highlight the importance of looking beyond the purchase price when planning your next move. Legal fees, Stamp Duty, surveys, and moving expenses can significantly affect how much you need to borrow and the deposit or equity available for your next property.

If you’re considering moving to a larger home in Surrey or elsewhere, speaking to a mortgage adviser early can help you understand how much you may be able to borrow, what your monthly repayments could look like and how the additional moving costs may affect your plans.

We can review your circumstances and explain the mortgage options available, helping you prepare financially for your next step on the property ladder.