The challenge of moving house has been cranked up a gear as the total cost has rocketed by 69 per cent over the last ten years, according to Lloyds TSB.
Renowned for being one of life’s most stressful experiences, moving house now costs on average £8,922 compared to £5,290 in 2001.
This staggering increase, one that even exceeds the escalation of house prices (64 per cent) over the last decade, has occurred due to a culmination of price rises from estate agency fees (up £1,318) to Stamp Duty (up £732) to removal services (up £305).
Mortgage fees have also increased by £770 with many lenders compensating for lower mortgage rates with augmented fees.
The soaring costs are forcing movers to use savings (61 per cent), family and friends (18 per cent) and even credit cards (16 per cent) to cover the costs.
Stephen Noakes, Director of Mortgages at Lloyds TSB, has this suggestion:
“With the cost of moving at its highest level since 2007, consumers struggling to cover the costs should look to make savings wherever they can. With mortgage fees making up around 12 per cent of the overall outlay, considerable savings could be made by looking at a fee-free mortgage option.”¹
¹Mortgage Solutions (Jan 2012)