The overall cost of moving home has fallen from last year, a direct result of a drop in estate agent and solicitors’ fees, according to Woolwich.
The Cost of Moving survey published by the lender asked estate agents and solicitors their fee levels, levels of business and expectations for the housing market and found that the cost of upgrading from a £100,000 home to a £150,000 property costs £4,303 ‘ a fall of 4% on last year.
Andy Gray, head of mortgages at Woolwich, said: ‘We have seen a decrease in estate agent and solicitors’ fees since 1993 and it is a downward trend we hope will continue. Costs have fallen because it is a more competitive market and people are shopping around more.’
Since Woolwich completed its survey last year, solicitors’ selling fees have fallen on average by 6% with estate agent fees dropping by 10%, but the overall survey indicates a positive outlook for 2002.
Gray believes this is good news for mortgage brokers. He said: ‘A more buoyant market is better for intermediaries as it means more business.’
Despite a fall in fees, the survey found the overall cost of buying a property remains high, which it attributes to the impact of stamp duty.
However, while fees have dropped, Gray warned potential homebuyers to weigh up all the costs associated with buying a property before they buy.