Cost of moving home rises faster than prices

The cost of moving into new properties for sale from another is rising faster than the price of homes, making it less affordable for Brits to be able to move into bigger homes than ever before.

According to the latest figures from Lloyds TSB, over the last ten years, the cost of moving has accelerated, and people who are going from one UK property to another can now expect it to cost them somewhere in the region of £9,000.

In that period, those who want to move to new houses have seen the cost rise from £5,290 in 2001, to £8,922 last year. This represents a massive increase for buyers of 69 per cent in the space of just a decade.

However, during the same period, those looking to sell have not seen their homes rise by the same rate in value, as house prices on average in the UK have seen an increase of 64 per cent since the year 2001.

Suren Thiru, housing economist at Lloyds TSB, said: "With the costs associated with completing a home move in the UK rising substantially over the past decade, the task for those looking to move home has undoubtedly become more challenging. The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak." 

Lloyds TSB has also said that most people will now need to turn to their savings in order to be able to afford to move house at this cost. Of the respondents, 51 per cent said that savings would be their only option to be able to afford to move, while just 24 per cent said there was enough equity in their current property to cover it.

There could be an increase in the number of people looking to move this year, with the Halifax recently reporting that Brits are now facing the moist affordable mortgage conditions since 1997.