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 Hidden cost of moving home ‘shocking’
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Friday, June 15, 2007 |
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The 'hidden', unforeseen costs of moving home are costing UK homeowners a collective £10 billion each year, with the average household spending tens of thousands on additional moving costs over a lifetime...
Research carried out by the Co-operative Bank reveals that the average household spends up to £23,000 in one lifetime on a range of home moving costs, including solicitor's fees, stamp duty, estate agent fees and removal, in addition to the cost of buying a new property.
In a survey of homeowners, more than half of all respondents (56 per cent) admitted to not having any contingency fund in place to cover these costs, while 15 per cent resort to loans or credit card borrowing.
"As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs," remarked John Barker of Co-operative Bank.
Recent reports from Halifax indicate an increase in home improvement projects in the UK, which could signal a growing preference toward home improvement as opposed to moving.
Source: Reuters
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