That’s according to new research by Barclays Mortgages, which has shown the costs can be as low as £2,787 in Liverpool but can soar to a high of £22,417 for those buying a property in London.
What’s more, while some costs – such as estate agent fees, removal vans and stamp duty – are expected by movers, Barclays unearthed some more ‘surprising’ budget additions for which people had not prepared.
Indeed, nearly half of those surveyed by Barclays said they had to pay out for childcare costs, self-storage, decorating or pet-sitting fees – expenditure they had not anticipated.
These unexpected costs, combined with the known outgoings, meant people across the UK paid out an average of £9,331, according to Barclays.
Unsurprisingly, as a result of these additional financial strains, as many as 42% of people said moving house had caused them worry and anxiety, while one in six said it had negatively impacted their mental health.
Hannah Bernard, head of mortgages at Barclays, said: “Buying a house is a huge financial moment and the lead up to your dream home should be as stress-free as possible.
“Our findings show that on top of the burden of expected costs, homebuyers are getting caught out by additional costs that aren’t included in the asking price.”
Keeping on top of costs
According to Barclays, planning ahead is crucial to ensure you aren’t caught out by any unexpected costs. This way you can also find alternative solutions which might be less expensive.
Bernard explained: “To balance the budget, try to plan ahead and really challenge what home move costs you could cut down, or better yet, if there are any you can cut out.
“Enlisting friends and family to help out could really save the pounds too. Our Barclays app helps customers plan ahead and see their payments in a calendar view, making it really simple to balance outgoings.”
The known costs of buying a home (source: Barclays Mortgages)
| City | Average legal fees (freehold property) | Estate agent fee (if selling) | Land registry | Stamp duty | Total known fees |
| London | £1,160 | £6,847 | £300 | £14,110 | £22,417 |
| Cambridge | £1,160 | £6,001 | £300 | £11,130 | £18,591 |
| Oxford | £1,160 | £5,784 | £300 | £10,365 | £17,609 |
| Bristol | £1,020 | £3,976 | £300 | £4,000 | £9,296 |
| York | £1,020 | £3,904 | £300 | £3,747 | £8,971 |
| Norwich | £965 | £3,383 | £300 | £2,265 | £6,913 |
| Southampton | £965 | £3,240 | £300 | £2,064 | £6,569 |
| Edinburgh | £965 | £3,257 | £300 | £1,688 | £6,210 |
| Cardiff | £965 | £2,979 | £300 | £1,043 | £5,287 |
| Manchester | £895 | £2,418 | £200 | £906 | £4,419 |
| Leeds | £895 | £2,370 | £200 | £838 | £4,303 |
| Birmingham | £895 | £2,354 | £200 | £816 | £4,265 |
| Sheffield | £840 | £1,974 | £200 | £280 | £3,294 |
| Belfast | £895 | £1,923 | £200 | £208 | £3,226 |
| Newcastle | £840 | £1,820 | £200 | £64 | £2,924 |
| Glasgow | £840 | £1,781 | £200 | £0 | £2,821 |
| Liverpool | £840 | £1,747 | £200 | £0 | £2,787 |
| UK City Average | £7,641 | ||||
(Sourced from leading estate agents and independent property companies across the UK.)
The associated costs with buying a home (source: Barclays Mortgages)
| City | Average hourly Childcare | Average hourly Parking | Average weekly Self-Storage |
Average ½ day Removal |
Average hourly Decorator | Average hourly Pet- Sitter | Average Annual Council Tax
(Band D) |
| Bristol | £7 | £1.70 | £28 | £203 | £20 | £12 | £1,691 |
| Belfast | £7 | £1.50 | £26 | £133 | £14 | £10 | £1,750 |
| Liverpool | £7 | £1.30 | £20 | £181 | £23 | £9 | £1,650 |
| Oxford | £8 | £1.70 | £26 | £325 | £22 | £10 | £1,469 |
| Newcastle | £6 | £1.00 | £26 | £150 | £21 | £8 | £1,643 |
| Sheffield | £7 | £2.00 | £14 | £125 | £20 | £12 | £1,559 |
| Southampton | £8 | £1.10 | £11 | £134 | £20 | £12 | £1,536 |
| Cardiff | £7 | £1.50 | £28 | £203 | £25 | £11 | £1,390 |
| Leeds | £7 | £1.10 | £23 | £195 | £20 | £9 | £1,393 |
| Cambridge | £7 | £2.60 | £28 | £225 | £30 | £14 | £1,312 |
| York | £7 | £1.10 | £25 | £183 | £20 | £12 | £1,330 |
| Norwich | £6 | £1.10 | £26 | £150 | £18 | £8 | £1,362 |
| Birmingham | £7 | £2.20 | £26 | £200 | £20 | £9 | £1,301 |
| Manchester | £7 | £2.30 | £26 | £120 | £23 | £8 | £1,371 |
| Edinburgh | £7 | £3.20 | £23 | £189 | £20 | £10 | £1,277 |
| Glasgow | £7 | £1.60 | £23 | £142 | £20 | £9 | £1,325 |
| London | £9 | £4.50 | £23 | £240 | £29 | £14 | £1,171 |
