The cost to remortgage compared with moving home is becoming more and more lopsided.  According to the latest data, the last decade has seen an increase of 70% to the cost of moving home, and now sits around 9,000 pounds.  This figure is not only absurd, but to put it into perspective is even worse.  It is now equal to one quarter of what the average full time wage earner in the UK is bringing home.  When looking at the big picture purely in the economic sense, a remortgage has to be taken into consideration. 

Home sales are struggling and little relief is in sight.  The everyday citizen is faced with decisions of huge importance.  Housing is included in those decisions.  With an official double dip recession beginning, low unemployment, high inflation and confidence in the ditch, decisions regarding the family home are happening daily.  The cost of moving home is not only going to continue to hurt sales numbers, but confidence as well.

Suren Thiru, housing economist at Lloyds TSB, commented on the recent figures regarding a home move, saying: “With the costs associated with completing a home move in the UK rising substantially over the past decade, the task for those looking to move home has undoubtedly become more challenging.

“The significant rise in home moving costs is particularly concerning at a time when demand in the UK housing market is weak.”

The overall advantage when considering moving home goes to first time home buyers.  They have no property to sell, therefore no estate agency fees to be responsible for.  There is also a break currently on stamp duty for those buying below 250,000 pounds.