New research indicates that house movers are burdened with nearly £1bn in additional costs when relocating.
A YouGov survey, commissioned by Persona Homes, found that on average, people are spending £10,454 more on their move than they had initially budgeted.
Over the past six months, more than 4,000 people across Britain were surveyed to evaluate the impact of unforeseen costs.
Of those who had moved home in the past two years, 44% had encountered unexpected expenses.
In the most recent survey, 50% of respondents experienced unforeseen costs up to £5,000, 18% between £5,000 and £9,999, and 19% between £10,000 and £19,999.
A smaller percentage (5%) spent up to £40,000, while the same percentage paid over £40,000.
Unexpected costs included increased childcare, council tax, carer expenses, and travel costs. Additionally, 31% of respondents faced higher furniture costs, 25% dealt with unexpected mortgage costs, and another 25% encountered unanticipated overhead expenses.
The survey also revealed that the impact of these costs was not only financial but also emotional and mental.
Among recent movers, 29% experienced money-related concerns during the move, 21% faced mental health issues, 33% suffered from sleep deprivation, 19% argued with their partners, and 9% reported that it affected their work.
In response to these findings, Persona Homes developed a lifestyle calculator to help prospective homebuyers better understand the costs associated with moving.
The calculator considers everything from childcare costs and car expenses to life insurance, social experiences, TV and broadband spend, and more.
The goal is to demonstrate to homebuyers whether they can maintain their lifestyle in their new home without financial strain.
To address well-being and mental health issues revealed in the YouGov survey, Persona Homes also offers pastoral support through its Personify program, which provides financial and welfare advice, debt assistance, 24/7 access to counselling services, and guaranteed access to 24/7 private GP services.
Will Gardner, executive director at Persona Homes, said, “The financial and emotional pressures on people moving home is growing, as we can see by these surveys. And they are likely to get worse before they get better given the current cost of living crisis.”
He added that the lifestyle calculator and Personify program were developed to help customers become fully aware of potential costs and alleviate the pressures associated with moving.
