Moving costs adding up

Posted: 14 Jun 2007 11:02:26 GMT

Additional expenses associated with buying a new home cost the average Brit a total of £23,800 over their lifetime, a new study claims.

Additional expenses associated with buying a new home cost the average Brit a total of £23,800 over their lifetime, a new study claims.

According to a survey from the Co-operative Bank, a total of £10 billion a year is spent on moving house, with solicitors fees, estate agent fees and removal costs among the major additional expenses.

This is pushing the total cost of buying a property even higher than house price data suggests, the bank claims.

"As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs," commented John Barker, head of mortgages at the Co-operative Bank.

"As moving house is such a complex process, it pays for buyers and sellers to do their research beforehand and make themselves aware of the various sources and organisations available for advice."

The bank also expressed concern at the financial difficulties that many first-time buyers were getting in to in order to afford their first home.

© Houseladder Ltd