<< Most Recent Articles

Survey exposes 'hidden cost' of moving

People in the UK collectively spend £10 billion a year on "hidden" expenses when moving home, new research has revealed.

Hidden expenses denote all costs except for the actual house price, with solicitor and estate agent fees, stamp duty and removal charges all contributing, meaning that the average UK household spends £23,800 in this way during a lifetime.

According to the survey by the Co-operative Bank, only 56 per cent of people have a contingency fund set up in order to meet these expenses, while 15 per cent take out additional loans or use their credit cards to help with the cost of moving.

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

"Becoming more informed about the options available should lead to healthier finances in the long-term."

A recent survey by GE Money highlighted the increasing number of Britons using personal loans to carry out improvements to their properties, with a loft conversion adding an average of £42,000 to the value of a home.

See how much you could save with a home improvement loan from Lombard Direct.

14/06/2007 17:16:09

Most Recent Articles