Cost of moving catching home buyers out

The cost of moving home now tops more than £9,000. And naturally those who are switching residences in London are paying most.

Barclays Mortgages carried out research to find out the current average costs of a home move, revealing a total of £9,331 once associated costs are taken into account.

The final bill includes all estate agent, legal and surveyor fees, stamp duty and other conveyancing costs, coming to an average £7,461 on top of the purchase price.

Then there’s another £1,690 in additional costs that includes the likes of storage fees, increased council tax, removal firm fees and childcare and pet-sitting costs.

Liverpool cheapest

Those moving home in Liverpool face the smallest bill of £2,787 while Londoners must fork out eight times, their moving costs totalling £22,417.

Other expensive cities for home movers are the university towns of Cambridge and Oxford.

According to the Barclays research, almost half (47 percent) of people have been taken by surprise by unexpected costs, while 42 percent say the move itself made them worried and anxious.

Balancing the budget

Hannah Bernard, head of mortgages at Barclays, said: “Buying a house is a huge financial moment, and the lead-up to your dream home should be as stress free as possible.

“Our findings show that, on top of the burden of expected costs, home buyers are getting caught out by additional costs that aren’t included in the asking price.

“To balance the budget, try to plan ahead and really challenge what home move costs you could cut down on or, better yet, if there are any you can cut out.

“Enlisting friends and family to help out could really save the pounds, too.”