Cost of moving rises faster than house prices over the past decade | Lloyds TSB Logo |
The cost of moving house in the UK has risen at a faster rate than house prices over the past decade, according to new research by Lloyds TSB. Since 2001, the average cost associated with moving home for someone who already owns a home rose by 69% (£3,632) from £5,290 in 2001 to £8,922 in 2011. This is greater than the 64% rise in house prices over the same period. The expense of moving home is now at its highest level since the peak of the housing market in 2007.
Suren Thiru, housing economist at Lloyds TSB, commented:
"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 Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc (members of Lloyds Banking Group), are authorised and regulated by the Financial Services Authority. FSA authorisation can be checked on the FSA’s Register at: www.fsa.gov.uk/register/home.do. Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc are members of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
