While the average house price in the UK rose to £267,957 in the most recent statistics from the UK House Price Index the true cost of moving house could be significantly more. A recent survey by the team at JMW shows that many buyers fail to take account of the many hidden costs involved, which saw 47% of respondents say that they used up most or all of their savings when buying a house and moving in.

The commissioned survey of 500 recent UK home movers exposes the gap between what buyers expect to pay when moving home and the reality. Our conveyancing solicitors know from experience that many UK buyers fail to properly account and budget for everything from removal costs to estate agent fees, mortgage arrangement fees and other outgoings. The results of our survey show that the problem was worse than expected, although expert advice and careful planning can enable you to save money and avoid the most serious scenarios - such as spending all of your savings (like 29% of survey respondents) or borrowing money from friends and family (like 11% of those surveyed).

Here, JMW's experienced conveyancing solicitors break down the survey results and the various fees and other costs that can increase the overall spend on a property, which vary significantly from case to case. We also advise on how to approach budgeting for a house move and the steps you can take to reduce ongoing expenses and keep your transaction under budget.

Did People Underestimate the Costs to Move House?

Because property value is always the largest expense when moving house, many people fail to account for the other moving costs involved. In fact, 26% of respondents revealed that they did not set a budget for their move, and a further 19% went over budget when accounting for all of the moving costs they incurred.

When looking at total costs for moving house (excluding the mortgage and any deposit), 29% of respondents spent somewhere between £5,000 and £10,000, and a further 9% spent £25,000 or more on these fees.

Legal fees were the cost that most buyers (23%) said they were surprised by. This is one reason why working with a fixed fee conveyancing solicitor is important, as an up-front quote can make it straightforward to budget for the associated expenses and make outgoings more predictable in this respect. An experienced solicitor can also help you to anticipate and avoid costs that can otherwise arise later in the process.

Overall, the key finding from our research was that homebuyers consistently under-budgeted for a new house. Even those who prepared a detailed budget based on estimated costs found that the final amount they had to spend was far more than they had budgeted for. It's important to seek expert advice early in the process to get more detailed and specific guidance on the costs you can expect, as those who find that they have not budgeted enough to meet their outgoings were put into difficult positions.

How Did Buyers Account for These Other Costs?

When buyers underestimated the main costs, the only option for many was to borrow money alongside their mortgage. Fees notwithstanding, borrowing money beyond what you owe for the property itself can present serious obstacles, including how comfortable you find your monthly mortgage payments. Borrowing was a significant step for many of our respondents.

• 63% used loans, credit cards, or overdrafts
• 57% borrowed over £5,000
• 33% borrowed over £10,000
• 10% borrowed over £20,000

Needless to say, even with a competitive mortgage rate, monthly costs could increase significantly with an additional £20,000 of debt to cover the fees associated with a house move. This is more concerning when considering the demographics of debt and how much Stamp Duty Land Tax, property survey costs and other unexpected outgoings affected younger buyers in particular.

How Were Different Demographics Affected by the Total Cost of Moving?

Younger people and first-time buyers were most affected by unexpected costs, with 34% of Gen Z buyers reporting that they went over budget, and 32% of Millennials. Both demographics were more likely to borrow or use credit to cover any gaps in their financing, with 34% of Gen Z buyers and 41% of Millennial buyers reporting that they did so. Along with the fact that borrowing capacity tends to be lower for younger people, and

Another surprising revelation was that women were more likely than men to encounter financial difficulties as the result of buying a house. This may start with the fact that almost one-third (28%) of women did not set a budget for their purchase and the associated moving costs, compared with only 17% of men. A further 25% of women stated that they went over budget, compared with 8% of men. Women were much more likely to use most or all of their savings, with more than one-third (35%) saying that they did so compared with less than one-fifth (19%) of men.

The full survey results can be found below.

What Should I Budget for When Buying a House?

It is important to create a realistic moving budget when you are looking to buy a house. You need to account for legal fees, building survey and valuation fees, and repairs, along with a range of other expenses that are often overlooked. Some of the biggest outgoings will include:

• A removal company or van hire (plus fuel).
• Estate agent fees, if you are selling and buying
• Stamp Duty Land Tax
• Solicitors' fees
• Valuation fees
• Survey fees - these will vary depending on whether you choose a full structural survey or a lower-level review of the property
• Mortgage fees like arrangement fees, broker fees, and other possible costs
• Travel costs
• HM Land Registry fees for changing ownership of the property

Beyond these straightforward and common expenses, a move tends to come with many smaller, easy-to-miss costs that add up quickly. While these costs may seem minor, they could add up to a more significant outgoing that could have contributed to survey respondents needing to borrow money, in some cases.

• Packaging materials like boxes, tape, bubble wrap, and others
• End-of-tenancy cleaning or supplies (and possibly carpet cleaning) to get your deposit back, if you are a first-time buyer who is currently living in a rental property. This may also include repairs and touch-ups like filling holes, repainting, or replacing broken fixtures before leaving
• Paying gas/electric/internet at both properties for a short period
• Connection/setup fees for broadband installation, TV licence changes, or new service activation charges
• Redirecting mail, if you choose to pay Royal Mail to redirect post to your new address
• Insurance gaps – Temporary cover for belongings in transit or updating home insurance.
• Food and convenience spending when your kitchen and its contents are packed up.
• Short-term storage if move-in and move-out dates don’t align.
• Replacing essentials that don’t fit or work in the new place (curtains, light bulbs, extension leads)
• Energy Performance Certificates, which can cost more than £100 depending on your local assessor's prices

A good solicitor can act as an early warning system for costs that might otherwise catch you off guard. The team at JMW will carry out local authority, environmental, and drainage searches that can reveal issues like planned developments, flood risk, or shared drainage charges that could lead to future expenses, and enable you to budget effectively. When reviewing your contracts, we will identify any hidden clauses, unusual terms, or obligations (e.g. service charges, maintenance responsibilities, or penalties) that might cost you later, and raise enquiries with the seller to prevent you from inheriting any costly problems.

Buying a leasehold property has more expenses associated with it for both buyers and sellers, but we will highlight the impact of ground rent, service charges, and any planned major works that could mean large bills after you move in. Where possible, we may be able to negotiate these costs, or the overall property price if the survey results show unexpected potential outgoings.

A key way that our conveyancing team supports clients is by outlining likely legal costs, disbursements, and taxes early, so you are not surprised at completion and can budget accordingly.