Cost of moving home rises ridiculously in just five years!
A report has shown that homeowners have paid an average extra amount of £50,000 in 2015. This just shows how much more people have to shell out in order to move up the property ladder.
The Lloyds Bank Home movers review states that the average price paid for a home in the first six months of the year by those taking the next leap was £261,525. This is 25% or £52,870 more than what a home mover would be expected to shell out in 2010.
London home movers face paying 45%, or £153,535, more for a property than they would have done just five years ago, with homes there now costing £492,882 on average.
The average deposit put down by a home mover in 2015 was £87,954, which is 8%, or £6,405, more than in 2014.
The number of home movers in the first half of this year was also less than half the 327,600 home movers in the first six months of 2007.
A shortage of suitable properties on the market for people to move into has been cited by experts as a factor putting some people off moving house as well as pushing up prices for those who do move, as buyers have less choice.
CLICK HERE to read more about this.