27 Jan

Cost of moving rises faster than house prices

Cost of moving rises faster than house prices

The cost of moving house in the UK has risen faster than house prices over the past 10 years, meaning that those looking for property for sale in Southampton and other destinations face dipping into their savings to be able to afford the move.

According to the latest Lloyds TSB figures, the cost of moving house has gone up by 69 per cent over the past 10 years, while the price of houses in the UK has only risen by 64 per cent since 2001.

This means that people are having to dig deep in order to move, with only 24 per cent relying on equity from their current property.

Some 51 per cent of home buyers are having to dip into their savings to finance moving house.

Suren Thiru, housing economist at Lloyds TSB, said: "The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak."

However, those looking to buy their first home this year can still make a substantial saving by cashing in on the stamp duty holiday before it comes to an end in March.ADNFCR-1222-ID-801277278-ADNFCR

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