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Moving Costs Soar as Cost-Of-Living Crisis Intensifies
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.
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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