Now may be the perfect time to consider relocating and moving home as housing costs are declining.

Moneyfacts explains that the biggest cost for people purchasing a new property is often their mortgage.

However, in the past 12 months borrowers on tracker mortgages will have made hundreds of pounds worth of savings every month when compared to the same time last year.

Although utility costs have increased, these mortgage repayments have helped to balance things out, the firm continues.

Michelle Slade, a spokesperson for Moneyfacts, adds: "Homeowners are feeling better off, but many are choosing to make the most of the savings they are making by either overpaying their mortgage or investing the money in a savings account."

Halifax has revealed that mortgage interest payments fell by 47 per cent in the past year.

Those wishing to take advantage of the current mortgage market may find that storage facilities are useful during the moving process.

Written by Graeme Pieterson