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Moving home costs an additional £3,417 in ‘extra’ costs over a lifetime

Renters who move home regularly often face excessive costs associated with moving, new research shows.

The study by MoneySuperMarket reveals that the average Brits spends an additional £3,417 in ‘extra’ moving costs, on top of tenancy deposits over a lifetime.

Brits spend an average £670 in additional costs every time they move, according to the price comparison website.

More than a tenth of the nation - 11% - are ‘serial movers’ having relocated over 10 times, totalling at least £6,700 in additional costs.

With Brits moving house an average 5.1 times, the additional outlays, which also include removal vans, storage and cleaning fees, mount up over a lifetime.

The priciest ‘extra’ outgoings include buying household items, such as utensils and bedding (50%), paying for a postal redirection service (39%), changing service providers (32%) and installing new technology, such as Wi-Fi (31%).

Some 22% have also been stuck with paying for a ‘man with a van’ to help them move, while 12% have paid for professional storage between properties.

Those aged 25-34 have moved 4.7 times compared to 5.5 times for those aged over 55, suggesting millennials relocate more frequently than older generations.

The MoneySuperMarket report comes following the introduction of the Tenant Fees Act in June, banning most letting fees and capping deposits, which could previously cost several hundreds of pounds for renters in the UK.

Common reasons for moving home include needing more space (29%), moving in with a partner (28%) and rent being too high (9%), and yet a third - 32% - of renters have never had contents insurance, putting their belongings at risk.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “Our data shows that the average person moves five times and although this can be stressful, one way to ease the worry is to make sure your belongings are protected at all times.

“If you already have existing cover, you can contact your insurer to transfer it to your new address. Most contents policies will also protect your belongings against damage or loss while they’re in transit from one property to the next, but you’ll need to use a professional removals firm - many of which have their own insurance - to benefit from this protection. If you’re ever in doubt, contact your insurer directly before you move to check the terms of your policy.

“As with any policy, it pays to shop around as you could save up to 43%7 on your home insurance just by switching provider.”

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    Grown ups pay much more in stamp duty on every move. Renters are getting a bargain!

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