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£10bn hidden cost of moving

Thursday, 14 June 2007 12:00 AM

Moving home costs an average of £23,800 in hidden fees over a lifetime, a study out today shows.

Research from the Co-operative Bank reveals Britons pay a collective £10 billion on services and taxes such as solicitor fees, stamp duty and removal costs, and this is often not budgeted for.

Around 56 per cent of home movers say they have funds in place to cover these costs. Others pay for the additional costs by borrowing money (15 per cent) and relying on family (five per cent).

"As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs. Hidden costs that are not budgeted for can soon mount up and by having a contingency fund in place it will enable people to be fully prepared for any eventuality," advised John Barker, Co-operative Bank head of mortgages.

The research also shows though most Britons (57 per cent) are not prepared to make sacrifices to be able to afford the home they want, 28 per cent give up overseas holidays for their home, 21 per cent no longer eat out and 18 per cent stop buying new clothes.

One in ten property-loving Brits will go even further to have their own home, such as changing careers or putting off plans to start a family.

"As moving house is such a complex process, it pays for buyers and sellers to do their research beforehand and make themselves aware of the various sources and organisations available for advice. Becoming more informed about the options available should lead to healthier finances in the longer term," Mr Barker concluded.

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