Buyers in London are more likely to underestimate the extra costs involved in moving house, when compared with buyers in the rest of the UK.

RH-London buyers most likely to underestimate cost of moving home

According to new research from Post Office Money, the average cost of moving for buyers in London is £26,673. However, buyers are only budgeting £8,838 on average for moving – a considerable gap.

The majority – two thirds – of home movers in the UK don’t budget enough for moving and fail to set enough money aside for additional costs.

Despite it being more expensive to move home in London than elsewhere in the UK, prospective buyers no longer have to contend with the stamp duty slab system, which made it far more expensive for buyers to move home.

With rising deposit costs and extra costs including for removals and surveyors, buyers need to make sure they budget properly so that they are not hit with any unexpected bills before, during or after they move.

Managing Director at Post Office Money, Owen Woodley, said: “Planning ahead is vital and potential homebuyers should factor in these costs early on to avoid being faced with stressful, last minute bills”.

We recommend all property buyers in Wimbledon, Wimbledon Village, Kingston Hill, Coombe, and New Malden to make sure they plan ahead.

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Property Wire 

 

About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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