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Think of moving costs when taking out a mortgage

Date: Thu, 09 Jun 2005

Those planning to move house are being reminded to take account of additional costs when purchasing their next property.

According to the Woolwich Cost of Moving Survey, people in the UK spend over £10.6 billion, discounting the cost of the actual house, when moving.

It is estimated that half of this figure goes to the government in the form of stamp duty, but a further £4.2 billion pays estate agent and solicitor costs.

"It is a lot of money, and it has grown partly because we are a different generation of movers and we are buying and selling houses more often," said the head of mortgages at the Woolwich, Andy Gray.

"Just ten years ago, in 1994 we bought and sold around 1.3 million houses, today that has increased by another half a million."

The study showed that those relocating in London paid the highest costs - on average £1,200 more than those moving in the north of England.

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