By Over a third of British people admitted they wished they conducted more research on the cost of moving homes before they moved, as they did not sufficiently factor in hidden or unexpected costs when budgeting, according to a survey by Admiral Home Insurance.
Admiral Home Insurance estimated that home movers had to budget for an extra £2,000 on average, when it came to buying or renting a new home, with Brighton topping the list as the most expensive city for people to relocate to.
Factors such as home removal services and having adequate storage space during a move costed as much as £353 and £532 on average respectively, with another £847 being required on average by home movers, in order to paint and decorate new homes.
Admiral’s report followed claims by Nationwide that increasing numbers of first-time buyers entered the UK housing market in April 2019 according to their recent House Price Index.
Significant costs for movers
Almost half of all respondents said they took days off work during their last house move. This had the effect of eating into pay packets, according to Admiral who estimated that the average daily wage in the UK totals £105 per day while taking unpaid leave to move home could potentially cost a mover between £317 to £634.
Removal of belongings also added to moving costs, with 83 per cent of respondents saying they couldn’t fit their belongings into a car. This meant they relied on close friends, family or were forced to hire professional removal services to help move.
Exeter was found to have the highest removal services cost of UK cities, according to Admiral. Movers in the city could expect to pay £495, whereas movers in Birmingham only had to pay out £247 for professional mover services.
Decoration and contents insurance
Decoration costs were identified as a significant part of unexpected moving costs. As many as 20 per cent of respondents said they turned to professional decorators to leave their mark on a new home.
Costs for decorating homes varied across the UK, according to Admiral’s report. In Birmingham, movers only paid £656 to paint and decorate, whereas in East London, movers found that professional decorators charged £1,183 on average, suggesting that London movers face significantly higher costs than elsewhere.
Noel Summerfield, head of household insurance at Admiral, identified the need for contents insurance on top of other unexpected costs: “It’s vital to have contents insurance sorted before the day of the move, because accidents can happen, and the last thing you want is for your belongings to be broken or damaged during an already stressful time.”
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