Released on: September 20, 2007, 7:06 am

Press Release Author: Charlotte Burrows

Industry: Real Estate

Press Release Summary: The cost of buying and moving into a new home now takes up 30
per cent of homeowners\' annual income, GE Money Home Lending has said.

Press Release Body: The research could prompt an increase in the number of
homeowners looking to move abroad, given that it now costs over £11,000 on average
to move into a new home and pay resultant costs.

Moving abroad and need to sell your property in the UK?

Legal fees as well as stamp duty, the cost of furnishings and mortgage arrangement
fees all added up to a total of £11,372 in the first year alone, the study found.

And paying household bills costs an average of £3,500 per year in the typical UK
home, according to the lender\'s research.

\"While the price of the property may be the major financial anxiety for buyers, they
must also consider other expenses associated with the house purchase,\" advised Gerry
Bell, head of mortgage marketing at GE Money Home Lending.

\"At a time when interest rates have been steadily increasing, allowing oneself a
financial buffer has never been as important,\" Mr Bell added.

First-time buyers now pay almost 20 per cent of their income on mortgage repayments
alone, according to the Council of Mortgage Lenders.

Web Site: http://www.nationalhomebuyers.co.uk

Contact Details: Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333
info@nationalhomebuyers.co.uk