Most people expect moving home to be a testing and costly experience, but research by MoneySuperMarket shows that 86 per cent of home movers found it stressful and that Brits are paying out an additional £17billion in costs they hadn’t planned for.
The survey of recent home movers conducted by the UK’s number one comparison site proves how this major life event impacts on people’s health, wealth, relationships and careers.
Two-fifths (39 per cent) of people who have moved said the cost was more than anticipated and on average, they spent over £5,000 more, a collective £17 billion among recent movers. Those who bought their home paid over £6,000 more than expected, while renters overpaid more than £3,000 each. To foot the extra cost, two thirds (63 per cent) dipped into savings, a further 16 per cent put it on plastic and one in ten (11 per cent) had to rely on their parents.
A fifth (20 per cent) of recent movers were unable to concentrate on their job and 19 per cent had to take annual leave just to get things sorted. In addition, 17 per cent had to use work time to complete their paperwork. Furthermore, almost a fifth (19 per cent) of people, who have upped sticks in the last two years, felt they have been forced to compromise their ideal job in order to move – and this increased to almost a third (30 per cent) of 25 to 34 year olds.
Personal relationships also suffer when moving house. One in ten (nine per cent) said relocating had a negative effect on their relationship with their partner, while one in five (20 per cent) had an argument with their partner as a consequence of moving. The moving process also brings out the worst in others – a quarter (24 per cent) found their partner became impatient and a fifth (22 per cent) found they became difficult when handling stress.
Dan Plant, consumer expert at MoneySuperMarket said:
“Whether for the first time, or stepping up the ladder, moving home is a momentous life choice for people to make. There is so much to consider, both before, and after keys are handed over, and as it takes an average of six months just to find a property, it’s understandably stressful and has a knock on effect in all aspects of people’s lives. It should be a really exciting time, but unfortunately the most common words people associate with moving are ‘tiring’, ‘draining’ and ‘frustrating.’
“Moving house doesn’t have to be a completely arduous process. Being as prepared as possible will help ease the angst. It’s important to consider all costs involved so you aren’t hit with an unexpected bill at any point – from the mortgage, surveys and stamp duty, to removal hire and any other necessary additions to the new house. Simple steps such as creating a checklist and timeline will also alleviate the extra pressure on your relationships, job and health.”
Although moving house is an upheaval, recent movers did feel supported by others during the process. Partners offered support for 69 per cent, closely followed by friends (67 per cent) and family (57 per cent). Furthermore, despite the introduction of more stringent lending rules last year, only a third (34 per cent) found dealing with mortgage lenders stressful. Ultimately, almost all (92 per cent) of those who have moved house in the last two years said it was worth the hassle – just eight per cent said it wasn’t.
Dan Plant continued: “Recent government initiatives such as the stamp duty reforms and the forthcoming Help to Buy ISA are a breath of fresh air, as they are designed to support people with the cost of moving home. Other parts of the process can be made easier too; MoneySuperMarket’s new Home Mover Hub and Cost of Moving Calculator aim to give people more control and make moving exciting again.”
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