Brits hit by unexpected home moving costs
Almost three million people who recently moved home were ‘surprised' by the cost of moving; and over one million of the home-movers admitted they encountered ‘unexpected' costs for which they hadn't budgeted, according to research by the Money Advice Service.
The survey, commissioned to launch the Service's new Smart Move campaign, asked over a thousand home-movers (who'd moved in the last three years) about their recent experience and the cost.
The majority (68% / 8m people) said it was surprising how home moving costs added up.
37% (or 2.9m people) who incurred costs said the cost of moving was ‘more' than they expected.
A fifth (20% / 1.6m people) admitted they incurred costs which were ‘unexpected' or ‘overlooked'.
The campaign launches during the UK's peak home moving season - around 200,000 households will be on the move this summer (source: Land Registry House Price Index report). To help home-movers prepare for the overall cost of moving day, the Service has created a free online tool called Smart Mover (moneyadviceservice.org.uk/moving).
Designed specifically to help home-movers budget for moving day, Smart Mover indicates how much their move from A to B could cost, and allows them to adapt their budget and shop around accordingly ahead of moving day. It provides estimates from up to four members of The British Association of Removers (BAR) and highlights additional costs which might typically be forgotten - sliding scales allow users to scale their budget accordingly. The tool also offers handy tips and hints to smooth the move.
Jane Symonds, Head of Service Delivery for the Money Advice Service, said: "Our research highlights just how many householders - renters and buyers - underestimate the expense of moving day. It's important to be realistic about the costs, which can rack up and catch you by surprise if you don't plan ahead. We urge householders planning a move to be smart and get a grip on the cost. Our new Smart Mover calculator is specifically designed to show you what your move could cost. And it will help you budget for other essential elements on the day to make your move as smooth as possible."
Other key findings from the Smart Mover research.
72% of recent movers agreed that a quick and easy source of typical moving costs would be useful.
On average, movers who incurred moving costs spent £694, but the amount differs depending on age and gender: on average, movers aged 55+ spent £1,090 in contrast to £423 for movers aged 18-24.
37% of movers who incurred costs said the cost of moving was ‘more' than expected.
67% of home movers (moved during past three years) confirmed they paid for services when they moved - such as removal firm, boxes/packaging, cleaning services, self-storage facility, self-drive van hire, etc.
Unsurprisingly, the majority of home-movers (84%) admitted moving house is a stressful experience.