Adults in the UK are spending £748 each time they move house in addition to agency fees, legal fees and stamp duty. according to new research by MoneySuperMarket.
With the average Brit moving 5.5 times over the course of their life, this equates to £4,116 – a 12% increase on last year (£3,688).
The costs associated with moving continue to increase year on year. This year’s 12% rise follows an 8% rise in 2020, when costs jumped from £3,417 to £3,688. This means overall prices have increased from 20% in the past two years from £3,417 to £4,116.
MoneySuperMarket found significant cost differences between cities. Aberdeen is the most expensive location, with additional moving costs of £1,020, almost double the cost of the cheapest city in the country (£518).
The study reveals which cities have experienced major increases in the additional cost of moving house. Cost are up in Liverpool, the second most expensive city, by 58% on 2020, while costs rose 44% in Gloucester year on year.
The five most common additional costs incurred when moving home are buying new furniture (55%), purchasing new household items such as bedding and kitchen utensils (53%), paying for post to be re-directed (42%), and changing bill providers (36%). Nearly a quarter (24%) have paid for a man in a van to help them move.
The biggest motivator for moving cited in 2021 is the desire to move in with a partner (29%), buy your own place (28%), and needing to move to a bigger house (27%).
The average amount of deposit money lost because of moving house is £329, with Aberdonians having lost the most on average (£769).
Jo Thornhill, spokesperson at MoneySuperMarket, said: “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.”