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Moving to London costs twice as much as anywhere else in the UK

Moving to London costs twice as much as anywhere else in the country Credit: REUTERS/Andrew Winning

The cost of moving to the capital now costs twice as much as anywhere else in the country, according to a new report on the cost of moving house.

Higher house prices in London and the South East means homeowners pay on average more than £10,000 in stamp duty costs and £6,500 in estate agents fees.

Half of Londoners now think renting is 'the norm'

Londoners are becoming increasingly pessimistic about getting on the property ladder, with 50% saying Britain is becoming more like other places in Europe where renting is 'the norm'.

Renting in the capital is becoming 'the norm' according to a large proportion of Londonders Credit: Reuters

A new report by Halifax also found that 83% of potential homeowners in the capital are unwilling to sacrifice the quality of accommodation they currently live in order to save up for a deposit.

The report also found that one in five young people aged 23 to 27 still have no desire to own their own home, despite the introduction of the Government's Help to Buy scheme. The scheme has previously struggled with uptake in the capital, where the average house price is now £458,000.

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Borough by borough annual price growth increase

Latest figures from the land registry show the annual growth in each borough in 2012 Credit: Savill's

Borough by borough, the rate of growth from January 2012- January 2013 differs:

Hackney - 20.4%

Waltham Forest - 18.3%

Wandsworth - 17.6%

Lambeth - 16.4%

Hammersmith & Fulham - 15.2%

Lewisham - 14.6%

Islington - 13.8%

Haringey - 13.3%

Southwark - 13.2%

Westminster - 13.1%

Kensington and Chelsea - 11.1%

Barking and Dagenham - 10.9%

Tower Hamlets - 10.7%

Merton - 10.6%

Greenwich - 10.1%

Bromley - 9.3%

Richmond - 9.0%

Ealing - 8.3%

Hounslow - 8.3%

Enfield - 8.1%

Barnet - 7.9%

Kingston - 7.7%

Bexley - 7.7%

Croydon - 7.6%

Brent - 7.6%

Redbridge - 7.6%

Hillingdon - 7.5%

Sutton - 6.9%

Havering - 6.3%

Harrow - 3.9%

Newham - 3.6%

Buyers target suburban commuter zones

Buyers are targeting suburban commuter zones to get more for their money Credit: Dominic Lipinski/PA Wire

Property prices in central London will grow more than 23% over the next 5 years, however prime markets in commuter zones could exceed this growth as more people move out of central London.

The suburbs have become the first step for buyers looking to make the move out of the capital, according to estate agents Savill's. Getting more for their money, still having local conveniences on their doorsteps and good schools are a driver which encourages families to look further afield.

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