Property

Housing market boom sees cost of moving home rise by 12%

Property Reporter
|
22nd October 2021
Moving Home 774

Thanks to a frenetic year for the UK property market, Brits are now spending £748 each time they move house on top of agency fees, legal fees and stamp duty, according to research from MoneySuperMarket.

The average Brit moves home 5.5 times over the course of their life - in financial terms, this equates to £4,116 – a 12% increase on last year (£3,688).

This year’s 12% rise follows an 8% rise in 2020, when costs jumped from £3,417 to £3,688. This means overall prices have increased from 20% in the past two years from £3,417 to £4,116.

MoneySuperMarket’s findings uncover significant cost differences between cities. Aberdeen is the most expensive location, with additional moving costs of £1020 - almost double the cost of the cheapest city in the country (£518).

Mirroring the rise in the cost of moving overall, the study reveals which cities have experienced major jumps in the additional cost of moving house. Costs are up in Liverpool, the second most expensive city, by 58% on 2020, while costs jumped 44% in Gloucester year on year.

The five most common additional costs incurred by Brits when moving home are buying new furniture (55%), purchasing new household items such as bedding and kitchen utensils (53%), paying for post to be re-directed (42%), and changing bill providers (36%). Nearly a quarter (24%) have paid for a man in a van to help them move.

The biggest motivator for moving cited in 2021 is the desire to move in with a partner (29%), buy your own place (28%), and needing to move to a bigger house (27%).

The average amount of deposit money lost because of moving house is £329, with Aberdonians having lost the most on average (£769).

Jo Thornhill, money expert at MoneySuperMarket, commented: “The cost of moving house is a well-known challenge for Brits. It’s an issue that has come into sharp focus over the past 18 months with the housing market booming in response to government incentives like the stamp duty holiday.

“What is less well known are those additional costs of moving that can add a significant amount to your bill, over and above items like stamp duty, legal and estate agency fees.

“If you are considering moving, factor in things like cleaning, new household items, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely and, crucially, to make sure you aren’t surprised with any unexpected bills.

“It’s also important that you have contents insurance before transporting your items to their new home – most policies will provide cover for your belongings against damage or loss while they’re in transit from one property to the next. But make sure you use a professional removals firm – many of which have their own insurance – to guarantee you benefit from this protection.”

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