House prices, stamp duty and stress: costs blamed for 3 million cancelled home moves across UK
More than 800,000 potential moves were delayed or ditched due to stamp duty costs alone, according to a survey by the property advice website.
The most common reasons for changing plans were costs — with high house prices the most signifcant barrier cited by 35 per cent of homeowners.
The average London home now costs £552,000, according to the Office of National Statistics, which is almost 14 times the average London salary.
Stamp duty tax was also flagged by almost a quarter (24 per cent) of surveyed homeowners as their main reason for putting off moves. While often referred to as a tax on buyers in London and the South East, where property prices are higher, stamp duty tax, which is paid to the government on completion, still seems to be an issue that concerns people across the UK.
For a family wanting to upsize to a home worth £400,000, stamp duty adds £10,000 to upfront costs and, in London, where the average property price is over £100,000 more, this figure is significantly higher. Stamp duty on the average London home (£552,000), for instance, equates to a bill of £17,600.
'Stamp duty is acting as a handbrake on the housing market,' says Paula Higgins, CEO of HomeOwners Alliance. 'When a family faces a £10,000 stamp duty bill just to move to a £400,000 home — before they've even paid for surveys, legal fees, and removal costs — it's no wonder a quarter of potential movers are staying put.' The HomeOwners Alliance believes scrapping stamp duty tax for everyone buying a home to live in would do a lot to spur people into purchasing their next property and resurrect the housing market, freeing up much-needed stock for families and downsizers.
Also highlighted as a factor was the stress of moving in itself, with 35 per cent of respondents saying this was deterring them from moving forward with their plans.
Last year, according to Quick Move Now, 31.3 per cent of property sales fell through prior to completion. Stricter mortgage criteria, problems thrown up during conveyancing and surveys, plus issues and delays in getting essential paperwork from freeholders, make the moving process fraught and a stress that many people choose to avoid — even if their current housing situation isn't ideal.
What's more, 28 per cent of respondents said that moving costs were too high; when you're paying out large sums for solicitors, surveys and removal companies, this only adds to the pressure of the process. 'Making the home buying and selling process less of a Russian roulette game and more certain and streamlined would give people the confidence to move,' explains Higgins.
Other issues flagged in the survey include a lack of motivation, with 27 per cent highlighting the shortage of suitable homes as a reason for them ditching future plans. This shortage was seen across the board, from families looking for larger houses with more bedrooms, to step-free homes for older people wanting to downsize, as well as affordable properties for first-time buyers getting a foot on the ladder.
'Our research reveals a housing market in crisis — not because people don't want to move, but because they simply can't afford to. With over 800,000 homeowners shelving their moving plans [due to stamp duty alone], we're seeing families trapped in unsuitable homes, unable to upsize for growing children or downsize as they age,' adds Higgins. 'While house prices are difficult to control, the government does have levers it can pull, and we hope to see this reflected in the Spending Review and the long-awaited housing strategy.'
The HomeOwners Alliance research surveyed a nationally-representative sample of 2,000 UK adults.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
HELOC rates today, July 4, 2025: Holding steady as prospects dim for a summer interest rate cut
HELOC rates are unchanged today as the U.S. celebrates Independence Day. You won't find a bank or other brick-and-mortar financial provider open today, but starting an online home equity line of credit application is always an option. After a healthy jobs report on Thursday, the odds of a Federal Reserve rate cut in July plummeted. That means the prime rate will likely remain camping out at 7.5%, and as the foundation to most financial product pricing, don't expect any big discounts until fall. As we put another dozen hot dogs on the grill, let's check today's HELOC rates. This embedded content is not available in your region. According to Bank of America, the largest HELOC lender in the country, today's average rate on a 10-year draw HELOC is 8.90%. That is a variable rate that kicks in after a six-month introductory rate of 6.49%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. Dig deeper: Is a HELOC a good idea? Pros and cons to consider. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate of 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
2 hours ago
- Yahoo
The Weekend: When a government U-turn and a tearful chancellor rattled investors
It's been a tricky week for the UK government, and a turbulent week for financial markets as a result. Chancellor Rachel Reeves' much-touted welfare reform bill faced a huge rebellion from backbench Labour MPs and had to be heavily watered down to get over the line. Last minute-concessions by Keir Starmer's government – primarily the scuppering of plans to restrict eligibility for the so-called personal independence payments (PIP) – are likely to blow a hole in the £5bn a year the reforms were designed to save. It was enough to send gilt yields higher as investors questioned the government's grip on the public finances. Things got worse on Wednesday when Reeves appeared emotionally distraught in the House of Commons as an oblivious Starmer refused to explicitly back her. The yield on 10-year government bonds shot up by the most since the ill-fated Liz Truss minibudget in 2022. Claims that Reeves' tears were brought on by a "personal issue", and a belated insistence by the PM that she would remain in post for "a long time to come" finally brought some calm. There was another piece of legislation, described by its creator as "big and beautiful" making headlines during this tumult. Across the Atlantic, Donald Trump's hugely contentious tax cuts and spending bill was passed after a series of furious and often emotionally-wrought debates. "The golden age of America is upon us," Trump said at the White House Independence Day picnic after signing the bill into law. The president's former friend and aide Elon Musk was unequivocal in his critique of the bill's price and how it treats clean energy. He said in recent days that the $3.3 trillion increase in debt expected from the bill makes a "mockery" of his work at the Department of Government Efficiency (DOGE). Let's take a look at these and other stories stirring the markets in the last few days. Key investing trends in June, from defence stocks to Tesla's sales slump With geopolitical tensions dominating headlines, June's investing trends have strongly leaned towards defence and tech stocks. Fast-moving tariff news and the enduring conflict in the Middle East have been among the main market-moving topics during the month. Elsewhere, Tesla, (TSLA), bitcoin (BTC-USD) and gold (GC=F) assets were hot topics. Trump signs 'big beautiful bill' into law in White House ceremony The presiden't signature spending legislation moved through the Senate on a 50-50 tally that required vice president JD Vance to break the tie before the 870-page bill passed the House a few days later in a vote of 218-214. The process proved exceptionally controversial, mainly over healthcare provisions that are set to extract hundreds of billions in government savings but could cause millions of Americans to lose coverage. Trump seemed characteristically unmoved by such concerns, declaring: "It's going to be a period of time the likes of which I don't think this country has ever experienced before." How the government's benefits changes could affect your taxes The welfare reform bill faced strong opposition due to the harm it could cause to disabled people across Britain, as well as criticism that it was poorly designed in a scramble to find savings. For these reasons, the government was forced into a series of 11th-hour U-turns that ate into the targeted savings. Since departmental spending plans are now effectively locked in, and the government has already had to row back on planned cuts to pensioner benefits and working-age benefits, tax rises are looking increasingly likely. Bank of England asks Britons for banknote design ideas The UK's banknotes have featured towering historical figures since William Shakespeare first appeared on one 55 years ago. Not merely a means of payment, they "serve as a symbolic representation of our collective national identity and an opportunity to celebrate the UK,' says Victoria Cleland, the BoE's chief cashier. With this in mind, the central bank has launched a public consultation on the theme of its next series of notes, inviting UK residents and British citizens abroad to help shape the nation's currency for years to come. Entrants can either select one of six suggested themes, ranging from "architecture and landmarks" to "innovation" or decide to be, well, innovative, and go completely off piste. UK's best-selling cars revealed New car sales in the UK rose 6.7% year-on-year in June to 191,316 units, the best figures for the month since 2019. A quarter of all of June's sales, or 47,354, were electric. New petrol registrations fell 4.2% and diesel volumes gained only 0.2%, suggesting that combined share of the market was 51.6%. Total electrified vehicle registrations achieved a 48.5% market share. Tesla (TSLA), Kia, Volkswagen ( and Nissan (NISA.F) all featured in the top-10 bestsellers. But which models, and in what order? Read our story to find out. Ever fancied living by the sea? A modern apartment overlooking the bay, perhaps? Or how about a large, traditional home with easy access to the beach for your morning dip? Whatever your taste, it could be a costly move. Then again, it might not be as expensive as you think. It all comes down, of course, to location: Britain's priciest and most affordable seaside property hotspots With tax-free monthly prizes ranging from £25 to a eye-popping £1 million, premium bonds are a unique and popular choice of investment for British savers. Instead of an interest rate they have an annual prize rate, which will stand at 3.6% from August, when the draw is expected to deliver more than 6 million tax-free prizes worth over £396m. Find out more by clicking here: What are premium bonds and what are the odds of winning? Find more personal finance gems here Tariffs will be the main focus for investors in the coming week, with US president Donald Trump's deadline for the resumption of sweeping duties coming up on 9 July. But there are also a number of major companies due to report. Shell (SHEL.L) will kick off the week's company reporting, with the oil major due to update on its second quarter performance on Monday. Investors will be looking at TSMC's ( TSM) latest monthly sales figures, given the company is the world's largest contract chipmaker, helping to give a sense of demand in the sector. In the world of retail, investors will be keeping an eye on results from Levi Strauss (LEVI) to see how the jeans brand is navigating tariff uncertainty. Back in the UK, Vistry (VTY.L) will be in the spotlight, with investors hoping the housebuilder's troubles are behind it after issuing three profit warnings towards the end of last year. Given Jet2 (JET2.L) has already provided some guidance on performance for the year in a trading update, the focus will be on the travel company's outlook for the year ahead. Read more: Stocks to watch next week They're back. And if the first reviews are anything to go by, they're sounding as fresh as they were in their 90s heyday. I'm talking of course about Oasis, who took to the stage in Cardiff last night after a 16-year hiatus. They happen to be this old hack's favourite band, so it's a great excuse for me to put them in the spotlight. Here's one of their monster hits from debut album Definitely Maybe, performed during their iconic 1994 Glastonbury set. Enjoy!Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
2 hours ago
- Yahoo
How school run led CEO to 'coffee roulette' with staff and billion pound vision
Lyndon Stickley tries to 'scare a lot of people away' when he oversees first interviews for roles at cloud-accounting start-up iplicit. Yet Stickley, who bills himself as a go-to-market evangelist after successfully scaling and selling six previous companies, is far from your ruthless CEO. For the zest in which he describes his involvement with iplicit and why he won't be exiting a business for a seventh time – one of his previous projects includes London's largest graveyard – makes him a particularly charismatic leader. Hampshire-based Stickley is aiming to take the remote-first firm — he takes part in daily 'coffee roulette' mornings with employees — to unicorn status by 2030, by making it the "on-premises salvation" for mid-market businesses and their 'outdated' finance systems. Read More: Meet Britain's 'king of billboards' who sold his business for £1bn Launched in 2019, iplicit gained a top 20 place among UK firms in the FT1000 list of Europe's fastest growing businesses. Last year, the firm was one of the Sunday Times' medium business top places to work. So, to those job interviews. 'I say it might not be for you and tell them that this is a place for really passionate, slightly unhinged mountain climbers,' says Stickley, who built and sold his first company, an ISDN tech firm, for £40m before turning 30. 'If you say we are off on a mountain climb which will take three months and you might lose a finger to frostbite but we will stick a flag at the top, we are looking at the one person who will lean in where the other 19 won't.' The fact he is even discussing iplicit's marketplace rise is, he says, down to luck. 'Happenstance has been the foundation of everything,' he adds. Stickley tells the story of how Ian Andrews, an engineer by heart, spent 20 years running a company called Concept Software and becoming one of the UK's leading implementation consultancies for the likes of Oracle. He had been introduced by a friend on the school run who said he should look at Andrews' accounting software business. Shortly afterwards, Andrews spent two hours explaining to Stickley about large scale enterprise resource planning (ERP) – an area in which the serial entrepreneur had no experience. Once vendors had concluded software deals, Andrews would place people on site for up to two years and charge hundreds of thousands of pounds for implementation work. 'It was a world that blew my mind,' says Stickley. 'After 20 years, he told me, he realised he was part of the machine that was stacked against the customer, who was also getting mugged rather than it being implemented out of the box,' Stickley recalls of their first meeting. Read More: The boss who has found 'nature's answer to plastic' 'He said to me that he decided to build a better system by investing £1.5m of family savings and a friend who did the same. They carved off some engineers and created an accounting solution [iplicit] which could be deployed in days and compile reports in hours not weeks, with low disruption.' Stickley asked how many customers iplicit had, to which Andrews replied none. It was, however, the start of an unlikely relationship, given that Stickley would usually have refrained from any reckless decisions in previous investments. Having promised his friend, Stickley made some calls and was told to give it a wide berth. One final network call to a co-founder of legacy finance firm Exchequer, who he knew over 20 years previously, changed the direction. After looking at the software, he was left enthused by its power and low touch. With Stickley investing £1m into Andrews' business, iplicit swelled to around 20 staff, went to market in 2019 and immediately started winning top accountancy awards they hadn't entered. Iplicit's plan had been how to overcome the issue of customers buying finance software off an unknown player in the market. COVID not only levelled the playing field, with video meetings and iplicit's shorter implementation times, but also propelled the appeal from mounting customers who had non-cloud system issues. Iplicit realised that it could serve 100,000 sites, often multi-company locations, with a 25% market share goal and a £500m a year business. 'We couldn't have possibly contrived that [accounting software giant] Sage would drop a royal ball and not have something for the vast majority of its base,' says Stickley. The industry had also taken notice. Stickley was told by Oystein Moan – the executive chairman of Visma who took the company to unicorn status – that iplicit was a multi-million pound opportunity in the UK alone. Last year, Moan and Nic Humphries, one of the biggest private equity players in the business-to-business software space, joined iplicit's advisory board. Read More: 'Why we set up a sustainable mobile operator to save people money' Stickley's entrepreneurial spirit had been gained from his father, who had a chicken farm at 16, ran a nightclub in his twenties and worked with artists like Lulu and the Rolling Stones. Aged 17, Stickley junior took Wednesdays off sixth form college to sell kitchenware at the local market, earning £200. At university, he ran five club nights across Portsmouth in the late 1980s before his penchant for scaling businesses. 'The worst and the best I have been involved in is the most human connected and impactful business,' Stickley says of Kemnal Park, which he describes as the UK's first cemetery to celebrate life and built for people to return. 'The 'thank yous' were non stop,' he says, 'when you can see week in, week out people come back and be inspired by the place where they have buried a loved one.' Stickley met Andrews as the former was leaving the cemetery business, with iplicit planning for two years before launch. From 2006 to 2022, Stickley worked part-time three days a week. He took the helm as CEO when he realised that the business wouldn't be sold and is now working as if 'back in my twenties'. The firm has one office in Poole, Dorset with 25 employees, and around 135 working remotely. Stickley says iplicit's growth has been down to lifting the barriers of geography and has U-turned on seeing recruitment agencies as 'the enemy'. 'Getting a good recruitment pipeline means you have talent on tap when you need it,' Stickley adds. 'There's no way you can grow fast like this and do the recruitment function as you can't afford mediocrity to creep into the camp.' Iplicit's goal, he says, is to become the de facto standard in the UK before any entrance into the US. It currently serves over 43,000 daily users in over 3,000 organisations. 'We have the best tech, team and trajectory and an advantage that no one else has in the market right now,' he adds. All thanks to that school run chat and Andrews being a few months shy of running out of money before meeting iplicit's future CEO. 'What doesn't make him bonkers is he didn't go bust, so now he's a genius, right? Because he really was," says Stickley. "But if it had gone bust, he was bonkers. It was a fine line.' Coffee roulette and remote-first You value the relationships more when you don't have them on a plate every day. We get together six times a year and we all hug across 150 people as we aren't in the office getting bored with each other. The video efficiency is unbelievable. I can have 15 meetings in a day and include coffee roulette in that, which was invented by one of our techies where a random name generator pairs two people to have 20 minutes together. I found it so insightful I now have around 25 coffee roulettes a month virtually across the country. It takes the drudge out of the work and makes meetings more concise. We don't recruit younger people typically; they deserve a right of passage in an office. We are heavily biased towards over 35s as we suit the young families and older, experienced employees and appeal to an audience who don't want to commute. We measure trust by measuring outputs, not by checking in on people. Read more: The life lesson behind a 335-year-old funeral business? 'Never sleep on an argument' Meet the company that finds 'must-haves' to make everyday life easier Impossibrew CEO says Dragons' Den failure sparked alcohol-free brand's riseSign in to access your portfolio
