By GB News (World News) | Created at 2025-01-20 21:41:16 | Updated at 2025-01-21 01:20:24
3 hours ago
The average UK house price stands at £267,200, according to Zoopla's latest House Price Index, however many Britons fail to consider the moving costs that are associated with the property price.
Buyers are facing unprecedented costs, with many needing to save up to £32,065 before they can even step foot in their new home.
Breaking down each payment from the figure reveals the outgoings people do not take into consideration before embarking on a move.
The largest upfront cost is the deposit, which could reach £26,720 for an average UK property.
Experts say the average cost to move house is over £30,000
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Legal processes add significant expenses, with solicitor fees ranging from £500 to £1,500.
Experts recommend thoroughly researching solicitors, checking reviews and seeking recommendations from experienced homebuyers.
Property surveys, essential for identifying potential issues, can cost between £300 and £1,200 depending on the level of inspection chosen.
Home and contents insurance, a requirement before moving in, averages £396 annually according to the Association of British Insurers.
These initial costs, combined with other essential fees, mean buyers could face expenses of over £29,000 before receiving their keys.
Current mortgage rates show homeowners could face monthly payments of up to £1,418, with average two-year fixed rates at 5.09 per cent and five-year fixed rates at 4.86 per cent.
Moving day itself is an expensive day too, with just a van hire costing up to £167 for a week, or less if only needed for a few days.
On average, to place a deposit on a home costs over £25,000
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Senior associate solicitor at HCB Solicitors, Martin Edwards, said: "House prices have increased by one per cent this year and are expected to grow by another 2.5 per cent in 2025, although this will come as welcome news for those selling, it does mean that the cost of moving in will increase.
"Buyers need to be prepared not only for higher house prices but also for the growing costs associated with securing a home.
"The cost of surveys, solicitor fees, and additional expenses like insurance and moving costs can quickly add up.
"It's important for prospective homeowners to be fully aware of all these costs before they take the plunge."
