Cost of moving up 60pc in a decade
Moving costs have far outstripped the cost of living, which has increased by 29.4% over the same period according to the Post Office Money’s Cost of Buying & Moving study.
The average buyer already forks out a typical deposit of nearly £91,000.
John Willcock, head of mortgages at Post Office Money, said: “With prospective homebuyers’ attention firmly fixed on saving for a deposit, the additional costs of moving can often come as an afterthought – particularly for first-time buyers who are taking their first steps on the property ladder.
“Although house prices may continue to rise there are steps buyers and movers can take to reduce the amount they pay on top of this.
“Planning ahead is essential and potential homebuyers should be setting aside savings specifically for these costs. These ‘add-ons’ should be considered as part of the overall cost of buying or moving home.”
The majority (84%) of prospective homebuyers are still underestimating the amount they will need to set aside.
Those hoping to buy in the next three years expect to spend just £6,895 on moving costs – just over half (58%) of what they should actually be budgeting.
Estate agency fees have gone up by 61% from 2014 to £5,214, conveyancing costs have risen by 37% to £1,419 and surveying fees have been upped by 51% to £607.
Even renters who move between properties are not exempt from moving costs, as the amount charged by the average removals service has increased by 21% over the past 10 years (from £855 in 2004 to £1,034 in 2014).
Those hoping to move in the South East have been hardest hit by these increases, with costs jumping by 97% in the last 10 years (from £8,907 in 2004 to £16,510 in 2014).
But London remains the most expensive place to move home, with an average cost of nearly £28,000.