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With average house prices in the UK at £121,000, people planning to move home need to look closely at the cost of moving and dig deep into their savings. According to new research from national DIY retailer, FOCUS DIY, the average cost of moving has risen to over £18,000.
While £18,000 covers obvious costs such as deposit, stamp duty, conveyancing, valuations, surveys and removal costs, there are still hidden DIY costs that often take home-movers by surprise - which can add thousands to the cost of moving.
Getting rid of the previous owner's dodgy décor, ripping out that avocado bathroom, and even replacing light fittings, all add up. The FOCUS research shows that over the last four months new homeowners have spent on average more than £4,000 on home improvements raising the cost of moving to over £22,000.
Jill Keen, Marketing Director at FOCUS DIY, said of the findings, "The research highlights how expensive the process of buying property is in the UK - before you've even picked up a paint brush in your new home.”
FOCUS is offering a 10% discount card to home-movers to help keep moving costs under control.
Jill Keen comments, "The card is valid for six months, so home-movers can spread the cost of their home improvements over a manageable period. And, the card can be used 7 days a week, adding to its convenience."
The cost of moving
Focus reckon the cost of moving is as shown below. The cost is based on purchasing a house in the UK at the average house price of £121,000 and selling a house worth £100,000. They assumed a moving distance of 25 miles.
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Item |
Cost |
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Buying |
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Deposit 10% |
£12,100 |
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Stamp Duty 1% |
£1,210 |
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Conveyancing costs
|
£954 |
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Valuations & surveys |
£514 |
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Removals |
£500 |
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Selling |
|
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Estate agent's fee 2% |
£2350 |
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Solicitor's fee |
£554 |
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Subtotal |
£18,182 |
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Redecorating |
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Focus research average figure |
£4000 |
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Total |
£22,182 |
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