According to research carried out by Lloyds TSB, that outstrips the 64% rise in average house prices over the same period.
The cost of moving is now equal to 27% of average earnings before tax.
The increase is a result of rises in all six house moving expenditure categories: average estate agency fees have gone up by £1,318 in the last decade; mortgage fees up £770, Stamp Duty up £732; conveyancing up £366; removal services up £305 and surveying up £140.
Only 24% of people who have moved home in the last three years budgeted adequately for these increased costs. Of the remaining 76%, 61% relied on savings to cover the cost of moving home, 18% fell back on friends and family, 16% used their credit card and just 14% were able to use existing equity.
Suren Thiru, housing economist at Lloyds TSB, said: “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.”
Stephen Noakes, director of mortgages at Lloyds TSB commented: “With the cost of moving at its highest level since 2007, consumers struggling to cover the costs should look to make savings wherever they can. With mortgage fees making up around 12% of the overall outlay, considerable savings could be made by looking for a fee-free mortgage option.”
