The study calculated the amount that would be spent moving by those currently looking to get on the property ladder would total £54,400, excluding property prices.
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Home owners said they had spent on average £16,000 on their last move on lawyers fees, estate agents, financial advisers, removal firms and Stamp Duty, as well as the money spent making the property ‘saleable’.
Based on these figures, Abbey estimated that in 2006 alone Britons spent a combined £28 billion to move.
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Nici Audhlam-Gardiner, head of mortgages at Abbey, said: “It’s no secret that moving home is an expensive business. I’m sure it’s one of the reasons why people don’t move that often. But it’s astounding when you consider how much it amounts to over a lifetime.
“With the average Briton expecting to spend over two years’ annual average salary just meeting the costs of professional fees and Stamp Duty of their three or four moves, home owners clearly need all the help they can get.”
Roy New, a London-based sole broker, said: “If you average out the amount people spend buying a house and with the North-South divide not really there any more, I’m not surprised by the figure. But everyone’s situation will be different.”
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