How does the cost of living impact buying a house?

Despite being one of the most significant expenses we face, becoming a homeowner is still a top financial goal. However, since the impact of the cost of living crisis has resulted in rising mortgage interest rates and a reduced disposable income, this goal has felt out of reach for many people. 

Rising inflation and stagnant wages have undoubtedly added to the challenges of those looking to move, especially for the first time. With this in mind, it is therefore essential to get a better understanding of how the process of buying a home might be impacted by the current economic uncertainty.

In this article, we will be taking a deeper dive into buying a house during the cost of living crisis. We consider the costs of moving, hidden associated fees, affordable locations to live and all of the initiatives available that can help with buying a new home. 

How much does it cost to move?

Whether you’re moving home for the first time or the umpteenth time, moving house can be both exciting and stressful. As a result of the cost of living crisis, the average cost of moving house has changed significantly over the last few years, so it's never been more important to consider the costs that come with moving house. 

According to a survey by Compare My Move, the average cost of moving house in the UK is £9,327.99. This figure includes the necessary services that you’ll need to buy and sell a house, such as saving for a deposit, mortgage fees to purchase a new home, Stamp Duty and removal costs. However, there are a variety of other factors, such as location and even the time of year that the figure does not consider, so this will need to be considered as an addition.

While many of us are aware of the main expenses associated with moving home, there are several hidden costs that can sometimes catch people off guard. From the moving insurance required when transporting your belongings from one home to another, to storage costs if you have existing furniture and the redecoration expenses needed to make your house a home, there are a range of hidden expenses that can add up quickly. 

For that reason, it is important to plan ahead, get quotes and be proactive to manage your moving costs to make sure that your move is a success. 

Initiatives to help you move

Fortunately, there is support and a number of initiatives available to help make the moving process more manageable, whether you’re a first-time buyer looking to get on the property ladder or an upsizer looking for a bit more space. There are many options available to help you afford the upfront costs of buying a home and make the process more financially manageable. Be sure to explore these initiatives to see if you qualify and make the most of the support available to you. 

At Jelson, we offer personalised advice and support for anyone looking to buy a new build home. From recommending a trusted mortgage advisor to guiding you through our moving schemes, such as Part Exchange*, we can help you to buy your new home. We can also offer an individual moving package* that is designed specifically for you. 

Most affordable areas to buy

With the ever-changing housing market impacted by the cost of living crisis, many people are searching for homes that are reasonably-priced and offer a good value for money. If you’re looking for an affordable place to buy a home, there are several areas across the UK that offer great value for money.

When looking for an affordable area to buy a house, the East Midlands is a great place to start. At Jelson, we offer a wide range of affordable properties across Leicestershire, Lincolnshire and beyond which are perfect for first-time buyers, families and downsizers alike - take a look at our properties for sale in the East Midlands. 

In conclusion, buying a house can be an expensive and daunting process, but with careful planning and research, it is possible to buy and move within your budget. If you are looking to buy a new home, and are looking for a quality new build home in the East Midlands, you can search all of our available developments here. 

*On selected plots and selected developments only.