After factoring in the various costs of moving, most downsizers will be looking at an overall bill of more than £10,000, but you can make savings on some services by shopping around.
Here, Which? outlines the five biggest costs of downsizing, and offers advice on the things you should consider before making the move.
1. Stamp duty
Stamp duty is often cited as a major barrier for people looking to downsize, and it's true that it can add thousands to the cost of moving.
The table below shows how much you'd need to pay at four different price points.
Stamp duty is always a big talking point ahead of a Budget, and there has been clamour for the tax to be abolished for downsizers.
This may or may not come to pass, but with a general election looming, it wouldn't be a shock if the Chancellor unveils new property pledges.
Find out more: undefined2. Estate agent fees
Exactly how much you'll pay will vary depending on the services offered by the agent, the contract terms, and the discount you negotiate (it's always worth a try).
According to the house selling website The Advisory, the average estate agent fee for a sole agency agreement is currently 1.42% (1.18% plus VAT).
The caveat is that these fees are often payable regardless of whether your home sells. Make sure you read the small print before committing.
Find out more:3. Conveyancing
After you've had an offer accepted on a property, you'll need to appoint a conveyancer (property solicitor) to deal with the legal aspects of the move.
The process is slightly different in Scotland, where offers must be made via a conveyancer. This means you'll need to appoint someone earlier in the process.
Conveyancers have a wide-ranging role in the homebuying process, including carrying out searches, checking contracts, registering the purchase and settling the stamp duty bill on your behalf.
The seller's estate agent may encourage you to use its recommended conveyancer, but you may be able to save money by shopping around yourself.
Data from the price comparison site Reallymoving shows the average cost of conveyancing for home movers was £2,038 in 2023.
Find out more:4. House surveys
Before committing to buying a home, it's important to get it checked over for any major issues by a professional surveyor.
House surveys vary significantly in price, depending on which 'level' of survey you choose and the size and value of the property you're buying.
For a new-build home, a very basic survey to check the property's condition could be sufficient. This might cost £500 or less.
However, if you're buying a very old or unusual property, you may require a full structural survey, which could cost more than £1,000.
You can shop around to find a suitable surveyor. As a starting point, the two main membership bodies for surveyors are the Royal Institute of Chartered Surveyors (Rics) and the Residential Property Surveyors Association (RPSA).
Find out more:
5. Removals
It's difficult to estimate an average cost for removals, as services vary significantly.
You might want to hire a van and drive it yourself, or you might employ a removals company to package and deliver all of your belongings to your new home.
Reallymoving says the average cost of removals in 2023 was £699. This is based on median quotes provided by removals firms for customers with two or more bedrooms, moving less than 30 miles.
Again, you may be able to save money by shopping around, especially if you're moving home at a quieter time of the year, or midweek rather than the weekend.
Find out more:Don't forget about mortgage fees
Things to consider before downsizing
Why do you want to do it? Are suitable homes available in your area? Are you prepared for the emotional aspect of downsizing? Does it make sense to adapt your current home instead? Have you thought about your long-term needs?Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665 and is an Introducer Appointed Representative of the following: 1. Inspop.com Ltd for the introduction of non-investment motor, home, travel and pet insurance products (FRN 610689). Inspop.com Ltd is authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635) and is registered in England and Wales to Greyfriars House, Greyfriars Road, Cardiff, South Wales, CF10 3AL, company number 03857130. Confused.com is a trading name of Inspop.com Ltd. 2. LifeSearch Partners Limited (FRN 656479), for the introduction of Pure Protection Contracts, who are authorised and regulated by the FCA to provide advice and arrange Pure Protection Contracts. LifeSearch Partners Ltd is registered in England and Wales to 3000a Parkway, Whiteley, Hampshire, PO15 7FX, company number 03412386. 3.Optimise Media Limited (FRN 313408), for the introduction of HSBC Group, who are authorised and regulated by the Financial Conduct Authority to provide credit brokering activity. Optimise Media is registered in England and Wales to Exchange Street Buildings, 35-37 Exchange Street, Norwich, England, NR2 1DP and company number 04455319. We do not make, nor do we seek to make, any recommendations or personalised advice on financial products or services that are regulated by the FCA, as we’re not regulated or authorised by the FCA to advise you in this way. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners. If you go ahead and buy a product using our link, we will receive a commission to help fund our not-for-profit mission and our campaigns work as a champion for the UK consumer. Please note that a link alone does not constitute an endorsement by Which?.
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