By Marcus Leach
The cost of moving house in the UK has risen at a faster rate than house prices over the past decade, according to new research by Lloyds TSB.
Since 2001, the average cost associated with moving home for someone who already owns a home rose by 69% (£3,632) from £5,290 in 2001 to £8,922 in 2011.
This is greater than the 64% rise in house prices over the same period. The expense of moving home is now at its highest level since the peak of the housing market in 2007.
“With the cost of moving at its highest level since 2007, consumers struggling to cover the costs should look to make savings wherever they can," Stephen Noakes, director of mortgages at Lloyds TSB commented.
"With mortgage fees making up around 12% of the overall outlay, considerable savings could be made by looking for a fee free mortgage option.”
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