Cost of moving home has gone up by £870 (9%) over the last year. This takes the average cost now to £10.996, research has revealed. The 9% rise is much higher than the 0.5% increase in the consumer price index, as well as the annual growth of average earnings which is 1.5%.
Costs up 25% over 10 years: Over the past decade, the cost of moving in the UK has gone up by £2,206 (25%) from £8,790 in 2006 to £10,996 now - in line with average house price growth over the same period. In the meantime, average gross annual earnings for a full-time worker have risen by just 17%.
Cost of moving house in the North East down by -2% from 2006-The North East comes joint with Wales, and behind Norhern Ireland for the drop in changes to moving cots over the past ten years. This is compared to a massive 68% increase for London, since 2006, as well as a 30% increase in East Anglia.
Mike Songer, mortgage director at Lloyds Bank, says: "The cost of stepping up the housing ladder has continued to rise sharply over the past year. As a result, the cost of completing a home move in the UK has grown significantly over the past decade, to nearly £11,000.
"This trend is especially marked for buyers in London and the South East with the combination of both higher property prices and more rapid increase in prices in recent years resulting in significantly higher moving costs in these parts of the country."
Commenting on the research, Paula Higgins, chief executive of the HomeOwners Alliance, says: "Higher moving costs are a barrier to first-time buyers who are already struggling to pull together a deposit. Increased moving costs also act as a disincentive to those who may wish to move, but end up deciding to stay put.
"Home movers must also be mindful that they may need to pay mortgage arrangement fees, and these can range from a few hundred pounds to 1% of the mortgage - a considerable sum."
All data from the Moneywise Website.