Prepare Fully For The Costs Of Moving Home

Moving home can be expensive, and there is a lot of costs to consider.

At Prestige & Village, we know this is the case. We are open about our pricing, and we will do our best to ensure you know the full cost of moving home. However, a lot of people overlook certain costs, which means moving home might be a more expensive activity than you initially planned for.

If you are looking to minimise the shocks associated with moving home, please get in touch with Prestige & Village, and we will be more than happy to assist you.

A study undertaken by MoneySuperMarket highlighted the following issues:

The average house mover in Britain spends £748 each time they move, and this is above stamp duty charges, legal fees and agency fees
The average person in Great Britain moves 5.5 times in their lifetime
This is an average cost of £4,116 in additional fees when moving
This represents a rise of 12% on the 2020 figures, which stood at £3,688
There was an 8% rise in 2020, where the cost rose from £3,417 to the £3,688 level
In the past two years, overall costs have risen by 20%, moving from £3,417 to £4,116

What are people spending money on when moving house?

The five most common extra costs incurred when moving home are as follows:

1. Buying new furniture for your home was cited by 55% of respondents

2. Purchasing new household items with kitchen utensils and bedding as examples, said by 53% of respondents

3. Paying for your mail to be re-directed was cited by 42% of respondents

4. 36% of respondents listed changing utility bill providers

5. Paying for removal services was said by 24%

Why do people want to move?

The most common reasons for moving home in 2021 were as follows:

Moving in with a partner was said by 29%
Buying your own place, was said by 28%
Needing to move to a larger home, said by 27%

The average amount of deposit which was lost when moving house was £329.

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.”

Jo also said; “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.”

Jo Thornhill from MoneySuperMarket concluded by saying; “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.”

At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.