Brits spend £28bn on moving home

The financial service firm has revealed that the average cost associated with moving home now amounts to £16,000 exclusive of the price of the property involved and that the typical Brit relocates between three and four times during their lifetime.

And with record numbers of Brits turning to Individual Voluntary Arrangements in search of a debt solution, the costs associated with moving house over the course of a lifetime now amount to more than twice the average annual wage in Britain.

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.”

In related news, mortgage holders across the country look set to have their finances stretched further in the wake of the Bank of England’s decision to increase the base rate of interest last week by a quarter-point to 5.5 per cent.