27
Jan
Cost of moving rises faster than house prices
The cost of moving house in the UK has risen faster than house
prices over the past 10 years, meaning that those looking for
property for sale in Southampton and other destinations face
dipping into their savings to be able to afford the move.
According to the latest Lloyds TSB figures, the cost of moving
house has gone up by 69 per cent over the past 10 years, while the
price of houses in the UK has only risen by 64 per cent since
2001.
This means that people are having to dig deep in order to move,
with only 24 per cent relying on equity from their current
property.
Some 51 per cent of home buyers are having to dip into their
savings to finance moving house.
Suren Thiru, housing economist at Lloyds TSB, said: "The
significant rise in home moving costs is particularly concerning at
a time when demand in the UK housing market is weak."
However, those looking to buy their first home this year can still
make a substantial saving by cashing in on the stamp duty holiday
before it comes to an end in March.