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The cost of moving house is 69 per cent higher than it was in 2001, according to Lloyds TSB, with estate agency fees, mortgage fees and stamp duty responsible for most of the increase.

A typical house move cost nearly £9,000 in 2011, £3,632 more than it did a decade ago.

Some regions have experienced an even greater increase, with house moving costs rising by 132% to an average £16,637 in the South East.

The cost of moving house in London has increased by 127 per cent over the decade due to higher home values.

Londoners pay an average of £19,544 to move home, making it the most expensive part of the country.

Moving expenses are now at their highest level since 2007 when the housing market peaked prior to the credit crunch.

In contrast, the cost of moving for first-time buyers has fallen over the decade because they tend not to pay estate agents’ fees or stamp duty.

It cost first-time buyers an average of £3,334 to move house in 2011, 63% less than a decade ago.

However moving costs for first-time buyers will increase in March when the stamp duty holiday ends on properties valued between £125,000 and £250,000.

The study suggests that the high cost of moving house is particularly concerning given the downturn in the housing market.

The latest HSBC Moving Home Survey identifies a “generational divide” in the housing market.

Many younger people are unable to afford to buy their first home because of uncertainty over jobs and because lenders are demanding high mortgage deposits.

At the other end of the spectrum, many older home owners are unwilling to sell in the current climate.

According to the survey one in 10 Britons would consider moving home or buying their first home in the next six months.

HSBC has announced plans to lend more than £15 billion in mortgages this year, with £3m of this ring-fenced for first-time buyers.

This should provide mortgages for up to 150,000 home buyers during 2012, including 27,000 people buying their first home.

The sum amounts to 11 per cent of all the mortgage borrowing predicted for 2012 and represents HSBC’s biggest ever share of the mortgage market.

Martijn van der Heijden, head of lending at HSBC, said that the promised investment “demonstrates HSBC’s commitment to continuing to help people move up or indeed take the first step on to the housing ladder.”

Although analysts have suggested that the economic downturn will cause lenders to tighten their mortgage criteria, HSBC said it had no plans to do so.

Its promised investment will come under its current lending strategy which is designed to ensure that new lending is in the best interests of customers and shareholders, the bank said.

The latest Bank of England Trends in Lending report suggests that there will be an increase in first-time buyer mortgage deals in the first quarter of 2012.

This will help borrowers with high loan-to-value ratios and could allow prospective buyers who are currently trapped in rental properties, to purchase their first property.

The first-time buyer share of the market has improved slightly since autumn 2011, when it hit its lowest level for nearly three years.

The latest data from the Council of Mortgage lenders reveals that first-time buyers took out 17,300 loans, worth £2.1bn, in November 2011, a 4 per cent increase by volume and 5 per cent by value compared with the previous month.

The withdrawal of the stamp duty concession in March is expected to help fuel an increase in first-time buyer activity in the first quarter, with prospective home owners hurrying to purchase their first property before the deadline.

This will be the last year banks will be able to offer Refund Application Loans (RALs) on a nationwide basis. 

RALs function a lot like payday loans. Consumers looking to cash in on their tax refund early apply to banks for advance loans in exchange for a pretty hefty fee. 

Generally disdained by anyone who gives a lick about consumer finance issues, RALs have been all but wiped out by federal regulators like the FDIC in recent years and are banned to service members under the Military Lending Act.

To give you an idea why, the NCLC points to the Republic Bank & Trust in Louisville, Ky., which charges Jackson Hewitt customers $61.22 on a $1,500 RAL this year. That translates to a whopping 149% APR. 

The IRS estimated 5 million consumers received RALs during the 2010 tax season, which is down more than 2 million from 2009.

By December 2010, the three biggest banks backing RALs – JPMorgan Chase, HSBC and Santa Barbara Bank & Trust – had either voluntarily bowed out of the business or were forced out by the FDIC. (See 12 things to do to prepare for tax season.)

The state-chartered Republic Bank & Trust was the last bank standing, but it finally agreed to close its RAL business after April 2012 as part of a settlement with the FDIC.

Now that banks have been elbowed out of the RAL business, nonbanking entities like payday lenders will surely ramp up their efforts to reel in cash-strapped consumers during tax season. 

The CFPB only recently announced it would start holding nonbank businesses accountable for harmful consumer practices, but it’s unlikely they’ll really make any headway with tax season in full swing. 

There are plenty of alternative routes to take before you decide to pay for an income tax advance. 

Here are a few: 

E-file for free. The IRS allows low-income taxpayers to file their income taxes for free online and you can receive your refund within two weeks with the direct deposit option. If you don’t have a bank account (like many other Americans), you can still e-file and receive your refund via prepaid debit card. H&R Block is offering that option to consumers through Feb. 4 if they use its prepaid Emerald Card, according to NCLC.

Opt for a Refund Advance Check. How it works: Banks open up a temporary account for consumers into which the IRS deposits their refunds. They then issue a prepaid debit card with the refund, minus a fee, which can range between $30 and $32. Per the NCLC, you’re better off going with businesses that don’t charge for this service.

Other free options. You can file for free via the IRS’s Volunteer Income Tax Assistance program, Icanefile.com, and through AARP Tax-Aide, which both waive the preparation fee. 

DON’T MISS: The top 10 banking trends you’ll see in 2012 >

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Consumer group Which? is calling for unfair overdraft charges to be stopped after finding that charges are too complicated and impossible to compare.

Which? asked a number of volunteers to calculate how much an unauthorised overdraft would cost at RBS-NatWest, HSBC/First Direct, Lloyds, Barclays, Halifax, Nationwide and Santander.

The volunteers, who included a maths PHD student, were only able to calculate seven out of 48 charges correctly.

The study found that there is a wide discrepancy between the overdraft charges levied by different banks.

First Direct and HSBC charged the highest unauthorised overdraft fee – at £150 a month, while Barclays would charge just £66.

However all of the charges were so complex that it would be impossible for most people to work out the best deal.

Which? also criticised banks for charging high daily fees which can equate to an APR of over 2,000 per cent.

The consumer group is calling on the Government to give the new financial regulator, the Financial Conduct Authority (FCA), sufficient power to stop banks levying excessive and complex fees.

The FCA, which will take on responsibility for enforcement and conduct from the Financial Services Authority, is expected to have the power to oversee the design of financial products.

Peter Vicary-Smith, Which? chief executive, said: “The regulator must be a strong, open and proactive watchdog that stands up to the banks, not a lapdog”.

In related news, Virgin seems to have backtracked on its plan to charge for all its current accounts.

The move would have meant customers currently using free-if-in-credit accounts having to start paying around £60 a year in fees.

The plan was revealed by Virgin Money’s chief executive Jayne-Anne Gadhia in an interview with the Daily Mail, but Sir Richard Branson, chairman of the Virgin Group, has now commented that it would be “very unwise” to stop offering free current accounts.

Economists on Wall Street are out with their recommendations for 2012. A few have come out with calls for 2015. But one, HSBC, is out with a call for 2050.

“The World in 2050,” a new report by HSBC economist Karen Ward, forecasts the economic prowess of the 100 largest economies. Of interest in her report is where each happens to fall, and how income per capita will grow in a number of emerging markets.

Key notes we’ve already taken away: Italy will no longer be in the top ten and the U.S., as you’ve likely guessed, is no longer number one.

#50: Portugal

Size of Economy (Year 2000 dollars): $336 billion

Income per capita (Year 2000 dollars): $35,863

Detail: Even as Portugal’s economy nearly triples, the country will see the ranking of its economy by size fall 10 places. HSBC forecasts population declines of 18%.

Source: HSBC

#49: Czech Republic

Size of Economy (Year 2000 dollars): $342 billion

Income per capita (Year 2000 dollars): $32,153

Detail: Income per capita in the Czech Republic will largely follow growth rates of the entire Central and Eastern European market, staying above 4% for the next 30 years.

Source: HSBC

#48: Norway

Size of Economy (Year 2000 dollars): $352 billion

Income per capita (Year 2000 dollars): $59,234

Detail: Norway will drop the greatest among the top 50 economies, falling 22 spaces as its economy grows at a slow but steady rate. Still, it’s income per capita will rank it among the top ten in the world.

Source: HSBC

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