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The £700 hidden cost of moving home

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With the housing market having just experienced its busiest August in 10 years, new research by MoneySuperMarket, reveals that Brits are spending an additional £696 each time they move house, on top of agency fees, legal fees and stamp duty. With the average Brit moving home 5.3 times, this equates to £3,688 – up 8% on last year’s figure (£3,417).

Britain’s leading price comparison website undertook the analysis to better understand the impact of additional expenses involved in the cost of moving. It found that one fifth (19%) of Brits move at least at least nine times, equating to a potential lifetime spend of £6,264.

Nearly two thirds (63%) of those polled were unaware that moving house regularly can have an impact on one’s credit score.

The research finds significant cost differences between cities. Coventry is the most expensive location for additional moving costs (£841), £481 more expensive than the cheapest city in country, Gloucester (£360).

The most expensive UK cities by additional moving cost

  City Cost
1. Coventry £841
2. Swansea £803
3. Brighton & Hove £766
4. London £759
5. Oxford £738

 

The cheapest UK cities by additional moving cost

  City Cost
1. Gloucester £360
2. Worcester £456
3. Edinburgh £523
4. Portsmouth £523
5. Liverpool £563

The five most common additional costs incurred by Brits when moving home are purchasing new household items such as bedding and kitchen utensils (53%), buying new furniture (53%), paying for post to be re-directed (39%), paying for the installation of WIFI (36%) and changing bill providers (34%).  Nearly a quarter (24%) have paid for a man in a van to help them move.

The biggest motivator for moving cited is the desire to own one’s own place (31%), followed by moving in with a partner (29%) and moving to a larger house (28%).

The average amount of deposit money lost as a result of moving house is £324, with Londoners having the highest average of £420. One in 10 (10%) movers have lost over £801.

Kate Devine, home insurance spokesperson at MoneySuperMarket said, “With the housing market boosted by the Chancellor’s stamp duty holiday, many of us are considering moving home. Whether you’re buying or renting, make sure you’ve factored in all the potential costs you expect to incur.

“If you’re buying a home, our research shows that it’s not just stamp duty, legal and estate agency fees that should be on your check list, but also things like cleaning, new household products, temporary storage space and professional movers to make sure your treasured possessions get from A to B safely.

“To protect you in case things go wrong when you move, we would recommend 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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