The lender found that homebuyers expect to pay just under £7,500 when moving but the average amount stands at around £13,200 when taking into account estate agency fees, stamp duty, surveyor fees, conveyancing fees and the cost of removals.
Homebuyers spend twice as much on moving home than they expect, Post Office Money research shows.
The lender found that homebuyers expect to pay just under £7,500 when moving but the average amount stands at around £13,200 when taking into account estate agency fees, stamp duty, surveyor fees, conveyancing fees and the cost of removals.
John Willcock, head of mortgages at Post Office Money, said: “It is easy to focus so much on saving for the all-important deposit that people forget the additional costs that come with moving, particularly for first-time buyers who have never been through the process before.
“Planning ahead is vital and potential homebuyers should factor these costs in early on to avoid being faced with stressful, last-minute bills.”
In 2015 estate agency fees averaged at £5,697, a 60% increase on 2005’s total of £3,552.
Stamp duty bills meanwhile soared by 116% from £2,022 in 2005 to £4,372 in 2015.
People in the South East have seen the cost of moving double in the last 10 years from £9,267 in 2005 to £18,710 in 2015, while London is the most expensive area to move at £30,770.
Willcock added: “Forecasts indicate that the cost of buying and moving will only continue to rise over the next five years, even with the impact of revised stamp duty rules introduced to reduce the impact on prospective buyers’ wallets.
“With research indicating that 85% of these buyers have underestimated how much they should budget for these costs, many could be left out-of-pocket at a time when they are already financially stretched.
“We are aware of the barriers that people can face when they are looking to purchase their first home or move further up the ladder. This is why we offer a range of different mortgages aimed at a wide variety of buyers.”
