Compare My Move has released the data from its most recent cost of moving house index which shows that the cost of moving home in the UK has increased by 30% in the last 12 months.

This has largely been fuelled by increased Stamp Duty (+29.6%) and conveyancing fees for purchasers (+18.7%) and a massive increase in estate agency fees (+74.4%).

On the down side, the cost of property surveys have reduced by 6%, conveyancing fees for sellers by 10.3% and removal expenses down by 5.7% to an average of £1,146 for a house priced at £285,000.

The company commented that removal companies are affected if there is a decline in people moving house. Higher base rates come with a reluctance to move house, and fewer people needing to hire a removal company. However, it expects more people moving house in 2024 as base rates begin to fall with a corresponding increase in costs for services.