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Moving prices rise to over £30,000 for London homeowners

Created: 22/09/2016

London homeowners can expect to pay £31,416 on average to move home. The rise, up by £4,732 on last year, is thought to be caused by the sharp rise in property prices.

Across the UK, house prices have risen by an average of 8.5% in the last year. But in London, that figure rises to 14.5%.

Moving costs in the South East of England are the second highest in the country at £20,210, still £10,000 less than for properties in London. Over the last decade, these figures have been steadily rising, with the cost of moving in the capital having risen by 68%, (£12,680), which is taking up nearly 72% of average annual earnings.

Considering the escalating price in property prices and moving costs, homeowners could choose to invest their time and money elsewhere by spending the £30,000 average on home improvements. Though these improvements may seem daunting, a local South London handyman can help.

A new kitchen - Average cost: £8,000

Kitchens are the heart of the home and are becoming a living place as much as a place to cook. New appliances don’t just last longer, but they offer peace of mind, with dishwashers and washing machines coming with five- or ten-year warranties. A new kitchen can add 5.8% to the value of your property.

An extra bathroom - Average cost: £2,000-£6,000

Most homes have that one cloakroom cupboard, unused and undervalued. So why not reinvent this space into an extra bathroom? An extra bathroom adds an awful lot to the house, adding privacy and flexibility for yourself and guests.  An extra bathroom can add 5-6.1% to your property’s value.

Convert your garage - Average cost: £10,000

90% of British garages don’t contain a car, so why not convert this storage room into extra living space? Every man dreams of his own space, a man cave, a personal gym or a workshop, you can even convert the space into an extra bedroom or playroom for the kids. To figure out the added value to your house from converting your garage into living space, multiply square footage by local price per square foot.

Central heating – Average cost: £1,000-£3,000

No one likes holding their hand under the tap for an age, as it slowly numbs waiting for hot water. A new boiler provides more efficient hot water accessibility. New boilers also take up much less space than older ones, meaning you can free up space for storage. New central heating can add £5,000 to the property’s value. 

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