£54k spent in lifetime of moving home

We each spend £54,400 on moving home in our lifetime, with much of the money going to third parties.

According to Abbey Mortgages, the average Briton will move home between three or four times in their lifetime and will spend around 2.3 years’ worth of the average person’s salary.

The mortgage lender points out that this money could buy you a brand new one bedroom apartment in Bordeaux but what will grate most for consumers is the fact that a lot of the money does not go towards the property.

In fact, Abbey says that most of us will fork out around £16,000 on one move with the cash going to lawyers, estate agents, financial advisers, removal firms and stamp duty, as well as bringing the property up to a “saleable condition”.

“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,” said Nici Audhlam-Gardiner, head of mortgages at Abbey.

“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, homeowners clearly need all the help they can get.”

If you are considering moving home it is worth shopping around for the best mortgage deal that suits your needs.

Tags: average briton, cash, third parties, lot, mortgage, person's salary.The mortgage