(1888PressRelease)
May 20, 2007 - A survey by Abbey Mortgages reveals that the average Briton moves home three to four times (3.4) times, the total cost of moving in a lifetime is said to be £54,400 in today's money - over two years' worth of average salary.
Nici Audhlam-Gardiner, head of mortgages at Abbey, said: "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, homeowners clearly need all the help they can get."
This figure is set to rise given the impending introduction of home information packs (Hips), scheduled for June 1st.
However, National Homebuyers show the cost of selling your home could escalate to over £40,000.
Research from the quick sale property firm shows that the combined costs of estate agents, solicitors, and the 'opportunity cost' of what else you could have done with your time add up to far more than many people think.
When the fact the chain sales fall through one in three times is added in, sellers could find themselves some £44,575.39 out of pocket, National Homebuyers calculates.
"This research details the true cost of the inefficiency of selling your property in the open market," said David Harber, National Homebuyers Communications Director.
"One issue is that when deciding how to sell their house, few people account for the opportunity cost – the monetary value of their own time in that process.
"National Homebuyers encounter people every day that have not factored the hidden costs as well as the fallibility of the chain."
The property purchase firm looked at the time taken and fees involved with someone on average UK salary selling an average UK home.
The company calculates that even without a chain break, the cost of selling a home the traditional way comes in at £21,243.05. If the chain breaks once this shoots up to £32,903.34 while the one person in nine that experiences two chain breaks while selling their home will effectively fork out £44,575.39.
The costs include estate agents fees of £6,170.22 for selling the average home, up to £1,300 on solicitors' fees, paying mortgages and council tax while the property is on the market (up to £2,726.27), surveys (£600), and work put in on cleaning and showing people around the home and garden.
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