P567ORACLE 567 Mon13 Jan C4 1712:56
1/6
Is it worth
moving house?
Thinking of moving house in 1986. Sue
Gorska says it may cost more than you
think...
Once you know how the process wgrks
it's not difficult to work out roughly
how much it's going to cost you to move
Buying a £35,000 house will set you
back at least £1,000 once you've paid
for legal fees, stamp duty and a
structural survey. If you have to sell
a home too the final bill may be £3,000
But that's just the beginning. The real
cost of moving can depend on a whole
number of things that may never have
crossed your mind.
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P567ORACLE 567 Mon13 Jan C4 9725:02
2/6
Is it wgrth
moving house?
The real cost of moving starts with the
home you buy. Say you're moving from an
older-style detached house in Scgtland,
worth around £42,980, to London. YouWd
have to pay around twice as much for a
similar-sized house, according to
figures from the Nationwide Building
Society.
Higher house prices mean you need a
bigger mortgage. Abbey Natignal figuqes
show London first-time buyeru paying
around 3 times their average income of
£11,640. First-time buyers in Yorkshire
& Humberside earn less on average
(£7,630) but their loans are only 2.33
times this.
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P567ORACLE 567 Mon13 Jan C4 1718:59
3/6
Is it wgrth
moving house?
If you're planning a move to a city
area don't assume a higher salary will
make up for the increased cost of
living. A Regional Reward Suqvey put
the the extra cost at £2,226 fgr a
commuter to inner London, £1,565 for
an outer London worker.
The same survey put the median London
weighting payment made by companies to
their London staff at only £840 a year,
rising to £1,192 for inner London
workers.
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P567ORACLE 567 Mon13 Jan C4 9718:58
4/6
Is it worth
moving house?
A higher rates bill can add to the cost
of moving so it's worth checking what
you'll be paying on your new home.
Newcastle upon Tyne is the most costly
area in the country, charging £3.28 in
the £, followed by Harringay and Shef-
field at £2.99 in the £. Gillingham in
Kent is the cheapest place for rates ─
you'll be charged only £1.32 in the £.
Croydon, Chichester and Norfolk are
also cheap at £1.35-6 in the £.
Watch out for higher household bills
too. Electricity costs 5.66p a unit in
London but only to 5.07p in Southern
region.
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Your Money ...560 Holidays ...580
P567ORACLE 567 Mon13 Jan C4 9728:01
5/6
Is it worth
moving house?
The real cost of moving can also be
increased by higher insurance premiums
on your house and your car. Decide to
live in a city such as Birmingham,
Leicester or Manchester instead of a
rural area and you could find yourself
paying at least three times as much to
insure your belongings ─ perhaps £10
per £1,000 of cover instead of £3.
Comprehensive cover for an Austin
Maestro 1.3 might cost you a basic
premium of £319 in Suffolk but £478 in
inner Glasgow or Liverpool, for example
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P567ORACLE 567 Mon13 Jan C4 1716:38
6/6
Is it wgrth
moving house?
If you're planning on moving to the
country, don't forget to add transport
costs to your calculation. Families in
remote areas may need to run two cars
instead of one and the price of a
season ticket to work or school may go
up.
Last but not least, beware of leaving
Granny too far behind. With childmind-
ing costs of around £25 a week, a
nanny's salary at around £35 a week and
the babysitting bill for the occasional
night out you may find that moving
house is just too expensive!
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Your Money ...560 Holidays ...580