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Property Technology

February 27 2023

Moving Costs Soar as Cost-Of-Living Crisis Intensifies

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Property technology company, iPlace Global, has estimated that the average cost of moving home has risen by up to 11% compared to last year. Whilst the average cost of the home-moving process in the UK generally sits at £11,777, according to Barclays, inflationary pressures have pushed them up to around £13,072. For renters across the nation, it normally costs £1,175 to move homes, meaning that now it may cost them £1,304. In light of this, Simon Bath – CEO and Founder of iPlace Global – explains what this means for the property market and what the average mover needs to remain aware of to ensure they aren’t caught out with additional costs and delays.

The various procedures required when moving home can be considered a complicated and long-winded process, with Bath explaining that the biggest mistake movers often make is a lack of planning ahead and underestimating costs. One of the most important steps for instance, is conveyancing, which can delay movers by seven to eleven weeks if they’re not aware of the information they must provide their conveyancer. The process can cost between £800-£2,000 on top of removal fees which can cost up to £1,100 for a local move and £1,500 for a long distance move. Relocation fees can cost an additional £33.99 per person for three months, on top of an extra £8 for each extra person.

Given that disposable income is forecasted to slump by 3.8% this year – coming to £880 per household – according to The Resolution Foundation, Bath states that it’s vital for home-movers to plan ahead and factor in worst case scenarios to avoid losing out on their dream home. He notes that now more than ever, movers must use price comparison tools to ensure that they’re not paying over the odds amidst cost–of–living pressures.

Simon Bath, CEO of iPlace Global, comments:

“Following a frantic couple of years for the UK property market, many movers have had to pay over the odds for mortgage deals, rent, and the moving process itself. This is largely due to services that have pushed up their prices in response to soaring inflation.

“On top of this, stretched demand and overall frenzy in the market have contributed to extreme time pressures, leaving many Brits unable to prepare for the home-moving process – this includes the costs to look out for, available services, and understanding the many steps that are included.

“As the property market gears up for a series of changes such as falling house prices, demand and property transactions, we will likely see an influx of home-movers as many begin to move out of the capital to secure bricks and mortar. Because of this, it’s important for people to be clued up on the costs involved with the process. During a period of increased financial strain across the board, saving on unnecessary costs can significantly help – especially when homeownership is becoming increasingly inaccessible for younger homebuyers.”

 

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Simon Bath

iPlace Global

Companies In This Post

iPlace Global
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