MoneySuperMarket, the UK’s leading price comparison website, reveals Brits spend an average £670 in additional costs every time they move, on top of estate agent fees, deposits and legal fees they face when renting or buying. With Brits moving house an average 5.1 times, the additional outlays, which also include removal vans, storage and cleaning fees , comes to £3,417 over a lifetime.
The priciest ‘extra’ outgoings include buying household items, such as utensils and bedding (50%), paying for a postal redirection service (39%), changing service providers (32%) and installing new technology, such as Wi-Fi (31%).
Over a fifth (22%) have also been stuck with paying for a ‘man with a van’ to help them move, while one in 10 (12%) have paid for professional storage between properties.
Those aged 25 to 34-years old have moved 4.7 times compared to 5.5 times for those aged over 55, suggesting millennials relocate more frequently than older generations. On top of the average £670 in hidden costs, a tenth (12%) have spent a further £600 or more on deposits, while 8% of Londoners have spent over £1,000 on deposits over their lifetime.
The MoneySuperMarket report comes as renters start to feel the benefit of the Tenant Fees Act that came into effect in June, banning most letting fees and capping deposits, which could previously cost several hundreds of pounds for renters in the UK.
While the average person moves just over five times5, 11% of ‘serial movers’ have relocated 10 or more times, at an average cost of at least £6,700. Common reasons for moving home include needing more space (29%), moving in with a partner (28%) and rent being too high (9%). Despite this, nearly a third (32%) of renters have never insured their contents, putting them at risk should items get damaged when moving.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket said, “Our data shows that the average person moves five times and although this can be stressful, one way to ease the worry is to make sure your belongings are protected at all times.
“If you already have existing cover, you can contact your insurer to transfer it to your new address. Most contents policies will also protect your belongings against damage or loss while they’re in transit from one property to the next, but you’ll need to use a professional removals firm, many of which have their own insurance to benefit from this protection. If you’re ever in doubt, contact your insurer directly before you move to check the terms of your policy.
“As with any policy, it pays to shop around as you could save up to 43%7 on your home insurance just by switching provider.”