The average Briton moves home between 3 or 4 times in a lifetime (the average is 3.4 times) latest research from Abbey Mortgages shows. And it’s a costly business, with Abbey calculating that – excluding property prices – Britons looking to get on the property ladder could spend the equivalent to £54,400 in today’s money moving home during their lifetime. That’s 2.3 years worth of annual salary based on the current average UK wage – enough to buy a two bedroom Finca in the Costa del Sol or a brand new one bedroom apartment in the centre of Bordeaux4.
Looking at the fees charged by lawyers, estate agents, financial advisers, removal firms and stamp duty, added to the money spent to get their property in a ‘saleable condition’, homeowners said they’d forked out £16,000 on average at their last move. Based on these figures Abbey estimates that in 2006 alone Britons spent a combined £28 billion to up sticks.
Abbey Mortgages estimates a typical home mover can save £2,000 in fees and charges by taking out one of their no upfront costs mortgages. That’s a potential £353 million saving to the nation as a whole, based on the 1.7 million Britons who purchased a residential property in 2006.
Nici Audhlam-Gardiner, head of mortgages at Abbey, said: “It’s no secret that moving home is an expensive business – in fact, I’m sure it’s one of the reasons why people don’t move that often. But it’s astounding when you consider just 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 3 or 4 moves, homeowners clearly need all the help they can get. By removing upfront costs including legal fees, Abbey’s new mortgage is especially designed to help movers start life with more cash in their pockets.”
