British people are compulsive house hoppers and neither the huge costs nor stress incurred can deter us from our quest to climb the property ladder.

New research from Direct Debit reveals we will move house an average of six (1) times in our lifetime, with two in five (41%) people moving even more frequently.

Each move will cost an average of £2,260 - a national bill of £48 billion(2).

But it’s the forgotten finances that we’re really shelling out for. During the upheaval of moving, 15% miss payment deadlines and amass close to £224 million(3) in late payment fines and interest charges.

Michael Chambers, Bacs, said: "Everybody expects to incur some costs as a result of moving, but we’re paying far more than we need to by letting everyday financial matters slip when uprooting our home."

"Close to a quarter (23%) of home-movers forget to tell utility companies or their banks that they’ve changed address, needlessly racking up late payment charges. Yet if consumers used Direct Debit to pay their bills they could rest assured that no payments would be missed."

In fact, close to a quarter (24%) find moving one of the most stressful situations they’ve ever gone through, with nearly one in eight (12%) finding their utilities disconnected.

However, a disconnected phone is the least of some people’s worries - the Direct Debit survey revealed residents have been greeted to their new home to find lizards living in the kitchen cupboards. On a brighter note, new occupants have also been delighted when discovering money under the floorboards.

For more information about Bacs and our services visit Bacs key facts.

Contact Bacs press office.

Notes
(1) Respondents were asked to estimate the total number of times they expected to move home in their lifetime. All responses were calculated to find a mean average of 6.03
(2) From the survey it was discovered that the average Brits spends £2261.76 when moving home. Further research found that 89% of GB have moved or were looking to or thinking about moving home. 89% of GB households = 21,228,922 (Figures sourced from National Office of Statistics). Therefore £2261.76 x 21,228,922 = £48 billion
(3) From the survey, it was discovered 94% of the nation will move home in their lifetime. (94% of all households in GB = 22.68M). Further survey findings revealed that, 15% of the nation admit to missing a payment deadline and subsequently being charged as a result of moving home. (15 per cent of 22.68M = 3.4M). Finally, the survey concluded that the average amount incurred in charges, fines or extra interest per person was £65.82. (3.4M x £65.82 = £223.78M)

The research
Fieldwork conducted between 20 - 22 August, 2004 by BRMB International. The survey provides 1,031 completed telephone interviews amongst adults aged 18+ investigating the GB population’s attitude and management towards house moving and domestic finances. The data is weighted to be representative of the GB population.

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