moving costs increase by 24%

Whether you're embarking on the journey of homeownership for the first time or you're a seasoned mover, having a grasp of the expenses involved in moving home is essential. While the prospect of starting a new chapter in a different location is exciting, it's crucial to maintain a clear understanding of the financial commitments.

Moving home constitutes a significant life event, and being financially prepared for the associated costs can facilitate a smoother transition to your new residence. Recent research indicates a notable 24% increase in the cost of moving home in the UK over the past four years. The study suggests that an additional £1,962 is necessary to cover unforeseen expenses, a substantial rise from £1,584 in 2019.

While many individuals anticipate expenses like deposits, stamp duty, and legal fees, it's often the supplementary costs linked to the logistics of moving that can stretch buyers and renters beyond their financial limits.

According to the study, which evaluated quotes for various moving services nationwide, Britons must allocate an average of £1,962 to cover essential costs such as removal services and postal redirection when relocating. Among cities, Swansea boasts the lowest moving costs, followed by Belfast and Edinburgh. Conversely, Londoners face the highest moving expenses, particularly in North London, with Brighton emerging as the priciest city for relocation outside London.

In the past decade, incidents related to moving home have resulted in an average claim cost of £1,349, with damaged sofas, televisions, and fridges being common items claimed, along with items lost in transit or stolen from garages or vans.

The study also revealed that 44% of movers budgeted less than £1,000 for the moving process, potentially falling short of covering the average cost of moving. Engaging a professional removal company, which costs an average of £486 in the UK, can offer benefits despite the higher expense. However, nearly half of movers opt for self-removal, which can be considerably less expensive, with cities like Plymouth offering the best deal at £71 per day compared to Edinburgh's £237.

Additionally, approximately half of movers would hire a professional decorator or cleaner for their new property, emphasizing the importance of planning and budgeting for the moving process. Ensuring that home insurance covers belongings during the move and understanding the coverage provided by hired removal companies are also crucial aspects highlighted by the study.

In essence, while moving home can be both costly and stressful, careful planning and budgeting can help manage the process effectively.