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Daily Mirror
Daily Mirror
Business
Emma Munbodh

Real cost of moving home worked out along with the 14 fees no one remembers

The average cost of moving home has rocketed to £9,331 in the past year, figures show, with legal fees and stamp duty unsurprisingly the largest part of that.

Estate agent, surveyor, land registry and EPC costs will set the typical house buyer back £7,641 - but there's an additional £1,690 eaten up by unexpected fees that could force many into the red.

A report by Barclays bank looked at the upfront - and not so obvious - costs of moving home across the country.

It found Liverpool residents can expect to pay an average of just £2,787 to move home, compared to £22,417 in London.

Estate agent fees are among the most expensive, with the average seller in Oxford paying £5,783 compared to £1,780 in Glasgow.

In 2016, the Treasury scrapped stamp duty for first-time buyers on the first £300,000 of a purchase up to £500,000 (Getty Images)

Stamp duty can equally cause a financial headache for those looking to move. In London, where the average house price is currently £482,200, housebuyers will pay an average of £14,110 in stamp duty.

Those looking to buy in Liverpool, where the average house price is £123,000, however, will dodge the fee entirely, with most properties below the current stamp duty threshold of £125,000.

On top of this, building insurance costs can amount to £107 and a survey – although not a legal requirement but recommended – will set you back a further £550.

An energy performance certificate is a legal requirement, however, which adds an additional £90 on average.

In addition to these largely anticipated costs, many home movers are being caught out by unexpected charges, such as childcare, self-storage, decorating and pet-sitting fees.

Storage fees can also add up to hundreds of pounds (Getty Images)

Movers cited buying furniture that's the wrong size, paying for decorators, DIY help and extended van hires as some of the most expensive.

A further report by comparison website MoneySupermarket found ‘extra’ outgoings such as buying utensils and bedding, paying for a postal redirection service, changing service providers and installing technology, such as Wi-Fi, were the biggest shocks.

"To balance the budget, try to plan ahead and really challenge what home move costs you could cut down, or better yet, if there are any you can cut out. Enlisting friends and family to help out could really save the pounds too," Hannah Bernard, at Barclays, said.

"Whether it’s storage for belongings, parking and removal vans or even childcare, buying a new house can really take its toll on finances at a time when home movers will be feeling the pinch.

"We know that financial pressures are a principal contributor to stress and anxiety around a house move. Being prepared for any last minute costs is a first step to make that milestone as smooth as possible."

14 most commonly overlooked fees

These are the fees forgotten about most often according to Barclays and MoneySupermarkt:

  1. Van removals service

  2. Transport between locations

  3. Installation costs for new technology (eg Wi-Fi, TV etc)

  4. Costs for switching utility providers

  5. New furniture

  6. New household items (eg bedding, kitchen utensils)

  7. Cleaning costs for rented properties

  8. Storage space in between moving

  9. Postal redirection costs

  10. Childcare on 'moving day'

  11. Parking costs in the local area

  12. Decorators

  13. Pet-sitters

  14. Council tax costs

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