Moving costs increase by 24%

September 18, 2023
Information published was correct at the time of writing

Understanding the costs associated with moving home...

Whether it’s your first time stepping out into a place of your own or you’re a seasoned mover, understanding the costs associated with moving home is crucial. There’s nothing quite like the excitement of opening a new chapter in a new location, but keeping a clear head regarding the financial implications is equally essential.

Moving home is a significant life event, and being prepared for the expenses can ensure a smoother transition to your new abode. According to a recent study, the cost of moving home in the UK has seen a significant 24% increase over the past four years [1]. The research reveals that an extra £1,962 is needed to avert unforeseen expenses, a substantial leap from £1,584 in 2019.

While most individuals moving house budget for deposits, stamp duty and legal fees, it’s the additional costs associated with the logistics of moving that often push buyers and renters beyond their financial boundaries.

PRICIEST CITY FOR RELOCATING OUTSIDE OF LONDON

The study examined quotes for various moving services across the country, concluding that, on average, Britons must allocate an additional £1,962 to cover essential costs such as removal services and postal redirection when moving house. Among the cities, Swansea boasts the lowest moving costs, followed by Belfast and Edinburgh.

In contrast, the data shows that Londoners face the highest moving expenses, particularly in North London, the most expensive area to relocate. Brighton emerged as the priciest city for relocating outside London.

In the last decade, the data highlighted incidents related to moving home, leading to an average claim cost of £1,349. Damaged sofas, televisions and fridges are among the most common items claimed, along with items lost in transit or stolen from garages or vans.

ENGAGING A PROFESSIONAL REMOVAL COMPANY

Interestingly, the study found that 44% of movers admit to budgeting less than £1,000 for the moving process – a potential shortfall of almost £1,000 based on the insurer’s research of the average cost of moving.

Regarding home removals, the average cost of engaging a professional removal company in the UK is £486, with Exeter being the most expensive city for this service. However, 58% of movers reported using a professional remover or ‘man with a van’ during their last move, recognising the benefit of expert packing and moving services despite the higher cost.

IMPORTANCE OF PLANNING AND BUDGETING

Meanwhile, those who chose to hire and drive a van paid considerably less, with Plymouth offering the best deal at £71 per day, compared to Edinburgh’s steep £237. Furthermore, nearly half of the movers (45%) said they would hire a professional decorator for their new property, while 48% would opt for a professional cleaner.

The research underscored the importance of planning and budgeting for the moving process, including ensuring home insurance covers the belongings during the move. The study also highlighted the need to understand what loss and damage any hired removal companies cover. The key message is clear: moving home can be costly and stressful, but it can be managed effectively with careful planning and budgeting.

Don’t forget, our professional friendly advisors are on hand to support you and can help you explore all of your options.

Source:

[1] Admiral gathered quotes for each service from three suppliers in 23 locations across the UK. An average was then recorded for each location and each service, and a national average was calculated. The research was completed throughout February and March 2023. Average cost based on combining services in each location.