News: 2 years salary wasted on moving home

Tue, 15 May 07

The average Briton moves home between three and four times in a lifetime, spending a total of £54,000, research from Abbey reveals...

Based on the average UK wage, this is equivalent to 2.3 years' salary.

Abbey estimates that in 2006 Britons spent a combined £28bn on the costs associated with moving.

But movers need not fear. 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 £353m 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, says: “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 three or four moves, home owners 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”.

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