The data revealed that nearly 10.4 million people (22%) reported their possessions did not make it to their new home in the same condition they left in.
This can be extremely costly, with home movers estimating the average value of lost, stolen or damaged items to be just under £500. This means Brits have collectively had to pay out £5.1bn to replace or repair items after moving home. These costs have proportionately risen even further in the last 12 months, to almost £700 per-incident and equating to over £1.3bn in 2020.
As the stamp duty deadline looms on 31st March, Direct Line is highlighting to the 1.2 million people who hope to move beforehand to be particularly careful with their possessions, or risk collectively paying out £613m in replacements or repair bills.
Additional analysis found that every year more than 600 insurance claims are made for items lost or damaged while moving home. The South East sees the highest number of claims for items lost or damaged while moving and accounts for 17% of all claims over the past two years. This is ahead of the South West (13%), East of England (12%) and London (11%).
Items of clothing are most commonly lost, stolen or damaged during moving, with some 2.2 million people having experienced this. This is closely followed by damage to large furniture items, with 20% facing costly furniture repair bills. Problems caused to glassware and crockery and electronics (both 17%) are also relatively common.
Even without paying for damage or to replace items, physically moving home can be expensive and a cost that many do not consider when budget planning. In fact, 34% of those who have moved, some 16 million people, admit they didn’t factor in moving costs when working out their finances and 5.9 million (12%) had underestimated just how expensive it would be.
The type of service used for moving has a significant impact on the cost. The average amount spent on a professional full-service removal firm, which packs and reassembles furniture as well as moves it, sets people back nearly £1,000, while the costs associated for those hiring a van or lorry and doing it themselves is under £400. Understandably, asking friends and family for help moving (30%) is a more popular option than paying a professional (23%).
Over the last five years, people across the UK have spent £9.4bn collectively on removal costs, with the average amount paid per removal coming in at just shy of £400. In the last six months alone, more than 2.2 million people have moved home, spending over £1.5 billion. The amount spent on moving seems to have increased significantly over time, with those moving in the last six months paying more than double those who moved over five years ago (£682 vs £293).
Dan Simson, Head of Direct Line Home Insurance, said: “The last 12 months have seen both a housing market freeze and frenzy due to the pandemic and subsequent stamp duty holiday. As people rush to get purchases completed before the deadline, we expect the next few weeks to be very busy for home moving. This research shows that often it’s this last step that can result in unplanned and unpleasant additional costs, so we encourage movers to take care when in transit.
“It’s worth checking your contents policy as Direct Line provides covers for loss of, or damage to contents while they are being moved to another permanent residence. Also, remember to take out home insurance for your new property from the day you get your keys and not cancel your policy from your old address until you have completed your move and sale.”
