Moving house has never been an easy process, with what can feel like an endless amount of paperwork and fees that need to be sorted. With a booming property market that looks set to continue its upward trend, the home-buying process can be a strenuous and frustrating one. The continuous growth in house prices is steady, especially as demand continues to skyrocket. And since the pandemic has changed the ways in which we live our lives, the introduction of hybrid working schemes – looks set to stay in place for the foreseeable future – is allowing movement on the housing market, as living within a commutable area is no longer essential.
Not long ago, CEO of iPlace Global and creator of Moveable, Simon Bath, spoke to The Times about why moving costs are continuing to rise and how Brits can avoid overpaying during their house-move.
Moving homes this year?
House prices in the past year have continuously gone up – with no indication that this trend is slowing down anytime soon – and the costs of moving home has risen by 12% against the previous year.
Research from MoneySuperMarket reports that on average, Brits are spending £748 each time they move house, plus estate agency fees, conveyancing fees and stamp duty taxes. MoneySuperMarket thus found that since a person moves homes at least five times in their lives, the total is £4,116, up 12% from last year’s number (£3,688) and 20% on 2019 (£3,417).
House prices continue to rise
Following the end of the stamp duty holiday, the demand for property has continuously increased, along with house prices – even with the rise of interest rates and mortgage prices.
Brits are continuously paying over the odds for properties in the UK, and on top of moving costs, our research shows that 11% (2.3 million) of Brits overpaid by thousands due to having to rush and not understanding the home-buying process, while 13% (2.9 million) didn’t budget for extra fees around their home purchase and had to borrow money to cover the costs.
Let’s break down the costs of moving
There are many hidden costs when it comes to moving homes, with legal fees alone costing over £1000. In addition, removals can cost up to £600, and estate agency fees around £3000–£4000. Additional research reported in The Times shows that the annual cost of home insurance is on average £164, mortgage fees about £1,029 and valuation fees are around £500.
How can Moveable help?
Moveable is a free and easy-to-use platform that helps you with the complicated process of buying a home. It has all the essentials, including expert guides, price-comparison and timesaving tools – everything you need in one convenient package that helps you with lowering your moving cost!
Sign up here: https://app.moveable.uk/welcome