Homeowners ‘face average bill of nearly £4,000 to fix issues after moving'
Two in five (40%) homeowners fail to factor in the full cost of their move, spending nearly £4,000 on unexpected expenses on average, a survey indicates.
Those who have overlooked costs are spending an extra £3,876 beyond their budget to fix issues such as boiler breakdowns or a leaking roof soon after getting the keys to their new home, according to the research commissioned by online estate agent Purplebricks.
Millennials, aged 28 to 43, and Generation X, aged 44 to 59, stumped up the most to cover emergency issues, averaging £4,302 and £4,331 respectively.
Gen-Z adults, aged 18 to 27, reported average unexpected costs of £3,412, according to the survey.
Baby boomers, aged 60 to 78, paid the least in unexpected expenses, at £2,767 on average, perhaps due to people in this age group having more experience of home moves.
Planning ahead, understanding potential risks, and building a financial cushion for emergencies can help alleviate the pressure and make the experience of moving into a new home a more positive one
Tom Evans, Purplebricks
As well as boiler or roof problems, other issues uncovered by homeowners included unexpected removal fees, mould problems, faulty door locks or keys not working, broken white goods, and blocked drains.
Researchers asked 2,000 homeowners across the UK about their most recent move, including asking them to estimate the cost of unforeseen expenses after completion. The survey was carried out by Walr and completed in December 2024.
Some homeowners surveyed had turned to borrowing to fund the unexpected expense, such as by a credit card or loan or asking friends and family for help.
Tom Evans, sales director at Purplebricks estate agency, said: 'After buying, taking ownership of your new home is meant to be a joy.
'However, there is nothing more likely to take the shine off your new dream home than discovering a series of costly problems to tackle once you're all moved in.'
He added: 'It's essential for all buyers to factor in a little extra into their removal budget to account for these unforeseen expenses.
'Planning ahead, understanding potential risks, and building a financial cushion for emergencies can help alleviate the pressure and make the experience of moving into a new home a more positive one.'
The research was released as property firm Savills estimated the total value of UK housing stock has reached more than £9 trillion.
It calculated the value of all homes across the UK stands at £9.10 trillion, having increased by £346 billion in 2024.
Lucian Cook, head of residential research at Savills, said: 'With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second-steppers (former first-time buyers taking their next step on the property ladder) who have held off moving until rates fall.'
The North West of England, Scotland, and Yorkshire and the Humber have each added more than £37 billion to the value of their housing stock since 2022, exceeding the £31 billion growth seen in London, Savills said.
Dan Hill, Savills
Dan Hill, research analyst at Savills, said: 'A shift in the distribution of growth over the past two years is largely reflective of where we are in the UK housing market cycle. Regional markets that are less reliant on debt have more capacity for growth and have therefore remained the most robust.
'Despite this, vast housing wealth remains concentrated in pockets in London and the South East. These two locations alone still account for more than 40% of the total UK housing value, even though they are home to just 26% of housing stock.'
Rightmove said on Monday that the average price tag on a home in Britain increased by 0.5% or £1,805 month on month in February, to reach £367,994.
The property website said new sellers are showing some pricing restraint this month, after a fast start to the year.
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