Saturday, October 24, 2020
UK

UK homemovers spending an additional £670 on moving ‘extras’

Brits are spending an average of £670 in additional costs every time they move, on top of estate agent fees, deposits and legal fees, reveal new figures from MoneySuperMarket

Newly released figures from MoneySuperMarket have shown that Brits are spending an average of £670 in additional costs every time they move, on top of estate agent fees, deposits and legal fees they face when renting or buying.

With Brits moving house an average 5.1 times, the additional outlays – which also include removal vans, storage and cleaning fees – come to £3,417 over a lifetime.

The priciest ‘extra’ outgoings include buying household items, such as utensils and bedding (50%), paying for a postal redirection service (39%), changing service providers (32%) and installing new technology, such as Wi-Fi (31%).

Over a fifth (22%) have also been stuck with paying for a ‘man with a van’ to help them move, while one in 10 (12%) have paid for professional storage between properties.

Those aged 25-34 have moved 4.7 times compared to 5.5 times for those aged over 55, suggesting millennials relocate more frequently than older generations. On top of the average £670 in hidden costs, a tenth (12%) have spent a further £600 or more on deposits, while 8% of Londoners have spent over £1,000 on deposits over their lifetime.

The MoneySuperMarket report comes as renters start to feel the benefit of the Tenant Fees Act that came into effect in June, banning most letting fees and capping deposits– which could previously cost several hundreds of pounds for renters in the UK.

While the average person moves just over five times, 11% of ‘serial movers’ have relocated 10 or more times, at an average cost of at least £6,700. Common reasons for moving home include needing more space (29%), moving in with a partner (28%) and rent being too high (9%). Despite this, nearly a third (32%) of renters have never insured their contents, putting them at risk should items get damaged when moving.

Consumer affairs spokesperson at MoneySuperMarket, Rachel Wait commented that their data shows that the average person moves five times and although this can be stressful, one way to ease the worry is to make sure one’s belongings are protected at all times.

In case of an existing cover, one can contact the insurer to transfer it to the new address. Most contents policies will also protect the belongings against damage or loss while they are in transit from one property to the next, but a professional removals firm needs to be used – many of which have their own insurance – to benefit from this protection. If in doubt, contact the insurer directly before moving to check the terms of the policy, Wait said.

She said that as with any policy, it pays to shop around as one could save up to 43% on home insurance just by switching provider.

Important:
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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