Comparison Guide · Updated 3 October 2026
Renovate vs Move: Cost and Value Comparison for London Homeowners
Moving house in London costs roughly £23,000 to £29,000 in stamp duty, agent fees, conveyancing and removals alone, on a typical £550,000 property, before you pay a penny towards a bigger home in the same area. A renovation, from a £30,000 refurbishment to a £200,000-plus extension, puts that same money directly into space you actually get to keep, in the house and the postcode you already know. The right answer depends on whether it is space you need, or a genuinely different location.
At a Glance
Renovate
Best for: needing more space, staying put
VS
Move
Best for: genuinely changing location
Renovation figures from our own cost guides. Moving figures: stamp duty bands (HMRC), estate agent and conveyancing data (HomeOwners Alliance, MoveCompared 2026).
Side by Side
Renovate vs Move: The Full Comparison
Figures below use a typical £550,000 London property as the moving example, London’s average price in 2026. Your own stamp duty and fees will scale with your actual sale and purchase prices.
| Criteria | Renovate | Move |
|---|---|---|
| Typical cost | £30,000 – £280,000+, depending on project | £23,000 – £29,000+ in fees, before the new property’s price |
| Stamp duty | None | Roughly £17,500 on a £550,000 purchase (standard rate bands) |
| Estate agent fees | None | 0.75% to 1.5% of the sale price |
| Conveyancing | None | £850 – £1,500 per side |
| Removals | None | £300 – £1,500+ |
| Keeps existing mortgage rate | Yes | Not guaranteed, may need to remortgage |
| Guaranteed outcome | Yes, the finished project is defined upfront | No, depends on finding the right property |
| Stays in current area/catchment | Yes | Not guaranteed |
| Disruption | Living through building work for weeks to months | Packing, chain risk, and a fixed moving day |
These moving figures do not include the price difference between your current home and a larger one in the same area, which is usually the largest cost of moving for more space, and varies enormously by borough.
Which One Is Right For You
When Each Option Actually Makes Sense
The honest answer depends on what problem you are actually solving: not enough space, or the wrong location entirely.
Renovating makes more sense when…
- You like your current area, school catchment, or commute, and would rather not leave it.
- The problem is genuinely space, not location, and an extension or loft conversion solves it directly.
- You have a good mortgage rate you want to keep.
- You want a defined, budgeted outcome rather than the uncertainty of finding the right property.
- Your renovation cost is meaningfully less than the price gap to a bigger home nearby.
Moving makes more sense when…
- You need a genuinely different location, not just more space in the same one.
- Your current plot has no realistic room to extend, up or out.
- The renovation needed would cost close to, or more than, the price difference to move.
- You are prepared for the transaction costs, chain risk, and time it takes to find the right property.
- You can accept losing your current mortgage rate if a remortgage or new deal is needed.
Common Questions
Renovate vs Move: Frequently Asked Questions
Usually renovating, if you only need more space in your current area. Moving costs roughly £23,000 to £29,000 in stamp duty, fees and removals alone on a typical London property, before you pay any price difference for a bigger home. A mid-range extension or loft conversion often costs less than that combined total.
On a typical £550,000 London property, expect roughly £17,500 in stamp duty, £4,000 to £8,000 in estate agent fees, £850 to £1,500 in conveyancing, and £300 to £1,500 in removals, around £23,000 to £29,000 in total. This excludes the price of the property you are moving to.
Often, yes, though it varies by project. A loft conversion typically adds around 20% to property value, and a rear extension adds 10 to 20%, both against their own build cost. The safest projects add genuinely needed space, kitchens, bedrooms, bathrooms, rather than over-improving beyond what your street supports.
Stamp Duty Land Tax is charged in bands: 0% up to £125,000, 2% on the next portion up to £250,000, 5% up to £925,000, then 10% and 12% above that. On a £550,000 purchase this works out at roughly £17,500 at standard rates. First-time buyers pay 0% up to £300,000.
Estate agent fees typically run 0.75% to 1.5% of the sale price including VAT, so on a £550,000 property that is roughly £4,000 to £8,250. Fees vary by agent and whether you negotiate a sole or multi-agency agreement, so it is worth getting more than one quote.
When the plot genuinely has no room to extend up or out, or when what you actually want is a different location, not just more space where you already are. If the renovation needed would cost close to the price difference to a bigger home nearby, moving starts to make more practical sense.
Many homeowners fund renovations this way, through a further advance from their existing lender or a remortgage that releases equity. The right option depends on your current deal, how much equity you have, and current rates, so speak to a mortgage adviser before committing to a project’s scope and budget.
Differently disruptive, not necessarily more. A renovation means living around building work for weeks or months, but you stay in familiar surroundings throughout. Moving concentrates the disruption into a shorter, more intense period, packing, chain risk, and a fixed completion day, but ends with a completely new environment.
Go Deeper
Related Reading
Thinking It Through?
Get a Straight Answer From Hussain Directly
Tell us what is driving the decision, more space, a different layout, or something your current home simply cannot fix, and we will give you an honest view on whether renovating gets you there, plus a free, itemised quote within 2 hours.