A new study by Lloyds Bank has shown that the cost of moving house has risen on average by £870 over the past year to £10996. This equates to a 9% rise, which is much higher than the increase in the growth in average earnings of 1.5% and the increase in the consumer price index of 0.5% for the same period.
In fact, over the past decade, there has been a 25% rise in the cost of moving house, while average earnings have only risen by 17%
The increase for the last year can be put down to homeowners paying higher fees for :-
- Estate agency fees – these have risen by £402 (8%) to £5,404
- Stamp duty – has increased on average by £372 (17%) to £2,504
- Legal costs – have risen by £93 (8%) to an average of £1,251.
Moving house is a very expensive process, but there are ways in which movers can save money to help keep costs down.
Here are our top tips for reducing costs:-
- Have a good ‘sort out’ and get rid of unwanted items. There is no point in paying for these items to be packed and moved to another house. Also, if these unwanted items are in good condition, sell them and make some money.
- Get at least 2 or 3 quotes for all the different services you require e.g. conveyancing, removal firm, house survey. Pick the best quote to suit your requirements and budget.
- Book your removal firm early as costs may increase as you get nearer to your moving date.
- Be organised and plan your move in advance. Last minute hold ups can be costly.
- Get help from family and friends to pack boxes and dismantle furniture. This will reduce the costs paid to the removal firm.
- Review the utility bills for your new home to get the best deals to suit your requirements.
- Plan meals to use up food in your freezer before the move to avoid unnecessary waste.
- Do have a house survey- it could save you money in the long run as it will highlight any problems that need to be put right and you may be able to negotiate a reduction in the price.
- Use second hand packing boxes.
- Avoiding business and premium rate numbers (0843, 0870, and 09). Moving home often brings with it many phone calls to companies to change your details on their systems. Send the details in the post.
If you are considering moving in the New Year and would like some advice on any aspect of conveyancing, contact a member of the Peter Robinson & Co. team.
Call us now on 0161 678 7996.