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Moving costs jump 12 per cent after suppliers capitalise on market frenzy

  • 20/10/2021
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Moving costs jump 12 per cent after suppliers capitalise on market frenzy
Research by Moneysupermarket has revealed that Brits are spending £748 each time they move house in addition to agency fees, legal fees and stamp duty, a 12 per cent cost hike.

The average Brit is said to move 5.5 times over the course of their life which equates to costs of £4,116 – a 12 per cent increase on last year’s figure at £3,688.

After a year when the housing market boomed, the costs associated with moving continue to increase, following an eight per cent rise in 2020, when costs jumped from £3,417 to £3,688.  This means overall prices have increased from 20 per cent in the past two years from £3,417 to £4,116.

Most expensive UK cities to move to

MoneySuperMarket found significant cost differences between cities. Aberdeen came out on top as the most expensive location, with additional moving costs of £1020 – almost double the cost of the cheapest city in the country which was Gloucester, at £518.

Annual costs are up in Liverpool, the second most expensive city, by 58 per cent on 2020, while costs jumped 44 per cent in Gloucester year on year.

Other key takeaways from the research include the additional costs of moving including storage, cleaning and removals which are up 12 per cent YOY, from £3,688 to £4,116 in 2021, and 20 per cent in past two years, from £3,417 to £4,116.

Jo Thornhill, money expert at Moneysupermarket, said: “The cost of moving house is 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.”

The five most common additional costs incurred when moving

The five most common additional costs incurred by Brits when moving home are buying new furniture at 55 per cent, purchasing new household items such as bedding and kitchen utensils at 53 per cent and paying for post to be re-directed which came in at 42 per cent. Changing bill providers was 36 per cent and nearly 24 per cent of people have paid for a man in a van to help them move.

The biggest motivator for moving cities in 2021 is the desire to move in with a partner at 29 per cent, buying their own place came in at 28 per cent and 27 per cent of respondents said they needed to move to a bigger house

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

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