Movers urged not to cut insurance costs

Posted : 09-06-2005

Britons spend an annual £10.6 billion on moving house and are reminded not to scrimp on their insurance to absorb these costs.

According to research by Woolwich, stamp duty accounts for over half of this spending, with £3.2 billion spent on estate agents and £1 billion on solicitors.

Commenting on these figures, Andy Gray, head of mortgages at the Woolwich, said: "It is staggering to think that moving house costs us in excess of £10.6 billion with over half going on stamp duty, it's a lot of money, and it's grown partly because we're a different generation of movers and we're buying and selling houses more often."

Despite the high cost of moving house in the UK, Britons are reminded that they could be hit in the wallet further by lacking adequate home insurance cover.

According to recent figures, seven million Britons have no home insurance cover, while 13.6 million only have limited home contents insurance.

Consumers lacking insurance have been warned they may have to spend in excess of £40,000 to fully replace their home contents in the event of major flooding, fire or theft.

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