The Cost to Move Out of Your Parent’s Home
Are you living at your parent’s home and thinking about moving out but worried about how much it might cost? You’re not alone, and we’re here to help.
Our article will guide you through the costs you should expect when moving out of your parent’s home in 2023. We’ll cover:
- The average upfront cost to move out in the UK.
- How long it might take for Brits to save enough to move out.
- The extra costs, such as stamp duty, that can add to the price of buying your first home.
- Simple steps you can take to make moving out possible.
We understand that the thought of moving out can be scary. There’s a lot to think about, and money is often the biggest worry.
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Our team has looked at lots of data, considering aspects such as the best cities for pay and work, and talked to many people in the same situation. We’ve found that, on average, it takes Brits 8.2 years to save enough to move out of their parents’ homes.
Don’t worry. We’ve got lots of tips to help you save money and make your dream of moving out come true. Let’s start your journey together.
The Average Upfront Cost to Move Out of a Home In the UK is £36,392, With a 10% Deposit
To find out the average costs of moving home in each of the 20 most populous cities in the UK, and why these prices are becoming increasingly unaffordable for today’s ‘adult children’, MoneyNerd worked out today’s upfront cost to move home (including deposit, cost of stamp duty, conveyancing, surveying and removal costs, and mortgage booking fees).
This data was then compared with the average salaries for 18-21-year-olds and 22-29-year-olds to discover how many years they would need to save up in order to afford the moving out process.
| Rank | City | Cost To Move Out Of A Home (10% Deposit) | How Far Off Are 18-21-Year-Olds (Average Years) | How Far Off Are 22-29-Year-Olds (Average Years) |
| 1 | London | £103,314 | 21.87 | 14.81 |
| 2 | Brighton | £75,514 | 19.44 | 13.16 |
| 3 | Edinburgh | £52,373 | 13.93 | 9.43 |
| 4 | Reading | £45,970 | 11.84 | 8.01 |
| 5 | Bournemouth/Poole | £40,332 | 11.41 | 7.72 |
| 6 | Cardiff | £38,633 | 11.19 | 7.58 |
| 7 | Southampton/Portsmouth | £32,790 | 8.44 | 5.72 |
| 8 | Leicester | £30,772 | 9 | 6.09 |
| 9 | Leeds | £29,781 | 8.8 | 5.96 |
| 10 | Birmingham | £29,510 | 8.28 | 5.61 |
| 11 | Manchester | £29,481 | 8.51 | 5.76 |
| 12 | Sheffield | £28,658 | 8.47 | 5.73 |
| 13 | Coventry | £28,230 | 7.92 | 5.36 |
| 14 | Glasgow | £27,749 | 7.38 | 5 |
| 15 | Newcastle | £27,543 | 8.27 | 5.6 |
| 16 | Belfast | £27,324 | 8.07 | 5.47 |
| 17 | Liverpool | £23,860 | 6.89 | 4.66 |
| 18 | Stoke-On-Trent | £20,033 | 5.62 | 3.81 |
| 19 | Sunderland | £19,983 | 6 | 4.06 |
| 20 | Middlesborough | £15,997 | 4.73 | 3.2 |
Table 1: The average cost to move out of a home in each specified area (with a 10% deposit), and the number of years it would take the two ‘adult children’ age groups to save up enough money to afford this cost. Ranked by cost to move out.
London is the most expensive place for ‘non-dependents’ to buy a home, with the average up-front cost to move ending up at £103,314.
While this may seem tough for 22-29-year-olds as they have an average wait time of 15 years to save up for this, 18-21-year-olds are much worse off, as they will have to wait around 22 years (on their current average salary) to save up for a London home.
Brighton (£75,514) and Edinburgh (£52,373) are the second and third most expensive cities to buy a home. Brighton’s ‘non-dependent’ residents will need to wait an average of 13-19 years to move into a place of their own.
However, Scotland’s capital city is not quite as taxing for its 18-29-year-old population, with the time needed to save enough money ranging from 9-14 years.
At the bottom of the table is Middlesborough, with the average cost to buy a home totalling £15,997 with a 10% deposit. Middlesborough’s 22-29-year-olds are only around 3 saving years away from owning their own home, which is positive for these ‘adult children’ wishing to get on the property ladder.
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On Average, It Will Take ‘Adult Children’ Brits 8.2 Years to Move Out of Their Parents’ Homes From 2023
To reveal the stark amount of time it takes for adult children to move out, the study analysed adult children between the ages of 18 and 29 (split into two groups) because they make up the largest percentage of those still living at home as a non-dependent (20-29-year-olds make up 77.9% of this total still living at home).
From 2023, 18-21-Year-Olds Can Expect to Wait Over 20 Years To Leave Their Family Home
| Rank | City | Salary | 20% of Salary (Savings for House) | Cost to Move out with a 5% Deposit | Cost to Move out with a 10% Deposit | Percentage Difference (20% of Salary/Cost to move out) for 5% | Percentage Difference (20% of Salary/Cost to move out) for 10% | Years to save for 5% Deposit | Years to save for 10% Deposit |
| 1 | London | £23,624 | £4,725 | £66,206 | £103,314 | 7.14% | 4.57% | 14.01 | 21.87 |
| 2 | Brighton | £19,419 | £3,884 | £44,740 | £75,514 | 8.68% | 5.14% | 11.52 | 19.44 |
| 3 | Edinburgh | £18,799 | £3,760 | £33,448 | £52,373 | 11.24% | 7.18% | 8.90 | 13.93 |
| 4 | Reading | £19,419 | £3,884 | £25,155 | £45,970 | 15.44% | 8.45% | 6.48 | 11.84 |
| 5 | Bournemouth/Poole | £17,675 | £3,535 | £22,311 | £40,332 | 15.84% | 8.76% | 6.31 | 11.41 |
| 6 | Cardiff | £17,256 | £3,451 | £23,819 | £38,633 | 14.49% | 8.93% | 6.90 | 11.19 |
| 7 | Leicester | £17,104 | £3,421 | £17,507 | £30,772 | 19.54% | 11.12% | 5.12 | 9.00 |
| 8 | Leeds | £16,920 | £3,384 | £17,011 | £29,781 | 19.89% | 11.36% | 5.03 | 8.80 |
| 9 | Manchester | £17,324 | £3,465 | £16,861 | £29,481 | 20.55% | 11.75% | 4.87 | 8.51 |
| 10 | Sheffield | £16,920 | £3,384 | £16,450 | £28,658 | 20.57% | 11.81% | 4.86 | 8.47 |
Table 3: The average salary for an 18-21-year-old in the 10 most expensive cities, used to find the average amount of money they could save a year to put towards a house deposit. Ranked by years to save for a 10% deposit.
Most of the cities seem to follow a pattern of the higher the wages, the higher the house prices are in that area as well – meaning that their increased wages won’t stop them from waiting 10+ years to afford a home.
London’s high house prices are subsidised slightly by the higher average salary in the area for 18-21-year-olds (£23,642). However, it isn’t enough to ensure that London’s ‘adult children’ can move out anytime soon – even for a 5% deposit on a home, they will still need to save up for 14 years to build the £66,206 cash pot.
Interestingly, one of the areas that disrupt this pattern is Southampton/Portsmouth. The average salary for 18-21-year-olds in the area is £19,419, matching that of Reading. However, the overall cost to move out for a 10% deposit is only £32,790, over £13,000 cheaper than Reading’s overall average cost (£45,970).
This means that those in the Southampton/Portsmouth area will only need to wait 8 and a half years to save up and move out, compared to Reading’s almost 12 years.
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With Their Current Salaries, London’s 22-29-Year-Olds Are Looking at a 15-Year Savings Period For a Home in 2023
| Rank | City | Salary | 20% of Salary (Savings for House) | Cost to Move out 5% | Cost to Move out 10% | Percentage Difference (20% of Salary/Cost to move out) for 5% | Percentage Difference (20% of Salary/Cost to move out) for 10% | Years to save for a 5% deposit | Years to save for a 10% deposit |
| 1 | London | £34,874 | £6,975 | £66,206 | £103,314 | 10.53% | 6.75% | 9.49 | 14.81 |
| 2 | Brighton | £28,681 | £5,736 | £44,740 | £75,514 | 12.82% | 7.60% | 7.80 | 13.16 |
| 3 | Edinburgh | £27,766 | £5,553 | £33,448 | £52,373 | 16.60% | 10.60% | 6.02 | 9.43 |
| 4 | Reading | £28,681 | £5,736 | £25,155 | £45,970 | 22.80% | 12.48% | 4.39 | 8.01 |
| 5 | Bournemouth/Poole | £26,105 | £5,221 | £22,311 | £40,332 | 23.40% | 12.95% | 4.27 | 7.72 |
| 6 | Cardiff | £25,486 | £5,097 | £23,819 | £38,633 | 21.40% | 13.19% | 4.67 | 7.58 |
| 7 | Leicester | £25,262 | £5,052 | £17,507 | £30,772 | 28.86% | 16.42% | 3.47 | 6.09 |
| 8 | Leeds | £24,990 | £4,998 | £17,011 | £29,781 | 29.38% | 16.78% | 3.40 | 5.96 |
| 9 | Manchester | £25,586 | £5,117 | £16,861 | £29,481 | 30.35% | 17.36% | 3.29 | 5.76 |
| 10 | Sheffield | £24,990 | £4,998 | £16,450 | £28,658 | 30.38% | 17.44% | 3.29 | 5.73 |
Table 4: The average salary for a 22-29-year-old in the 10 most expensive cities, used to find the average amount of money they could save a year to put towards a house deposit. Ranked by years to save for a 10% deposit.
For 22-29-year-old ‘adult children’ in Middlesborough, Stoke-On-Trent, and Sunderland, they will only need between 2 and 2 ½ years to save up enough money for a house with a 5% deposit.
This is a huge difference compared to those in London, Brighton, and Edinburgh, who will need to wait between 5-10 years for the same offer on a house.
While there is still a trend that those in higher salary cities will need to pay more to own property in these cities, it still is an interesting fact that 22-29-year-olds in Middlesborough, on £24,990 a year, will need to wait around years less than London’s residents on £34,874 to get on the property ladder.
This could bring up a potential solution for many ‘non-dependants’ in more expensive cities to travel outside of their home city to make housing a more affordable option for the future.
Stamp Duty Adds £24,607 to London’s House Costs for First-Time Buyers
The table below shows the main average costs associated with moving house, and how much it would cost up-front to buy a home in each city with either a 5% deposit or a 10% deposit.
| Rank | Cities | Cost to Buy | Cost of 5% Deposit | Cost of 10% Deposit | Average Cost of Stamp Duty | Average Total Cost of Surveying, Mortgage Booking Fee, Cost of Removals, and Cost of Conveyancing | Overall Cost with 5% Deposit | Overall Cost with 10% Deposit |
| 1 | London | £742,157 | £37,108 | £74,216 | £24,607 | £4491 | £66,206 | £103,314 |
| 2 | Brighton | £615,494 | £30,775 | £61,549 | £9,524 | £4441 | £44,740 | £75,514 |
| 3 | Edinburgh | £378,518 | £18,926 | £37,852 | £10,601 | £3921 | £33,448 | £52,374 |
| 4 | Reading | £416,287 | £20,814 | £41,629 | £0 | £4341 | £25,155 | £45,970 |
| 5 | Bournemouth | £360,405 | £18,020 | £36,041 | £0 | £4291 | £22,311 | £40,332 |
| 6 | Cardiff | £296,283 | £14,814 | £29,628 | £4,764 | £4241 | £23,819 | £38,633 |
| 7 | Portsmouth | £285,492 | £14,275 | £28,549 | £0 | £4241 | £18,516 | £32,790 |
| 8 | Leicester | £265,310 | £13,266 | £26,531 | £0 | £4241 | £17,507 | £30,772 |
| 9 | Leeds | £255,400 | £12,770 | £25,540 | £0 | £4241 | £17,011 | £29,781 |
| 10 | Birmingham | £252,687 | £12,634 | £25,269 | £0 | £4241 | £16,875 | £29,510 |
Table 2: Majority of the costs associated with moving out of a home in the top 10 most expensive cities, using the average house price and average fees for each city. Ranked by overall cost with a 10% deposit.
While most of the smaller costs are the same across cities, including mortgage booking fees (£250) and cost of removals (£1,332), some fees vary greatly, which affect the cities’ final upfront cost – particularly the cost of stamp duty.
England and Northern Ireland have the same rates for stamp duty, which only comes into effect on houses over £425,000 for first-time buyers.
However, Scotland and Wales have different rates, and these don’t vary depending on whether you are a first-time buyer – Wales’ Land Transaction Tax comes into effect at £250,000, and Scotland’s Land and Building Transaction Tax is also charged for properties over £250,000.
For example, while Edinburgh’s average house price (£378,518) is actually cheaper than that of Reading’s, (£416,287), Edinburgh’s large amount of Land and Building Transaction Tax (Stamp Duty of £10,601) makes the capital city more expensive to buy for upfront costs.
There are a huge number of different costs to think about when becoming a first-time buyer that you may never have considered before – including mortgage booking fees and the cost of home conveyancing.
MoneyNerd spoke to Dave Sayce, Owner and Managing Director of Compare My Move, to find out in detail what new buyers should expect to pay for when moving out of their parent’s home:
- Removals Costs – Although it may seem like an obvious cost of moving home, people are often surprised about how much a removal company costs. On average, Brits will have to spend £1,332.03 on a removal company – but this price will go up with the size of the house, the items that need moving, and the distance they are moving.
- Conveyancing Costs – A Conveyancer or Conveyancing solicitor is part of the entire buying and selling process, which will cost a significant amount for their work. Conveyancers will be in charge of small things that are important to purchasing a house that adds up, as well as the cost of the conveyancers themselves. The average Brit will pay £2,339 on conveyancing when purchasing a house.
- Surveying Costs – When buying a house, it is vital to have it surveyed in order to check that the state of the house is accurate to the real estate agent’s representation of the house. Survey costs will vary from £290 to £1,390 depending on the survey and the value of the house – and are often overlooked by homebuyers when planning their purchase.
- Storage Costs – When buying a house, you may not be able to move all of your items in straight away – or you may not want to, as moving house can be a great time to de-clutter. Either way, you may have to pay for storage in either a self-storage or container storage. The average cost of storage in the UK is around £23.94 per square foot but can change by location, items stored, and company rates.
Dave Sayce went on to say, ‘One of the primary reasons first-time buyers are struggling is because of a very high mortgage rate in 2023. The rate for a 5-year fixed-rate mortgage is currently 5.79%, and the standard variable rate for a mortgage is 7.99%.
The biggest influence on mortgage rates is the downpayment or deposit that the buyer puts down. The higher the downpayment, the lower the mortgage rate.
Therefore, in order to afford the high mortgage rates, first-time buyers have to save enough for a large deposit, which can be difficult, especially when paying rent.’
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
Reviews shown are for The Debt Advice Service.
4 Simple Ways to Make Moving Out Possible for First-Time Buyers
MoneyNerd’s personal finance expert, Scott Nelson, and Thrifty Family blogger, Janine Marsh, have come up with a number of saving tips to help those looking to buy a house in the near future come up with the much-needed cash.
Automate your savings!
Scott Nelson recommends automating savings to turn building a cash pot into a routine.
He says, ‘Automatically putting a set amount of money away each month removes some of the ‘choice’ around saving, and it becomes a necessity that must come out. This is a great mental approach towards finances and preparing for your future, as you know that this saving is something that has to happen’.
Take advantage of house-buying help.
Scott also says, ‘It’s important to research government and bank home-buying schemes. For example, the First Homes Scheme (available to new buyers in England) allows people to buy a home at a 30% discount, saving a huge amount of money in the long run.
There is also the Shared Ownership scheme, which allows potential homeowners to buy a certain percentage of a home (typically 25%), and then they will pay rent on the remaining share to whoever owns the building, still allowing adult children with low incomes to get on the property ladder.’
Janine Marsh backs this up with: ‘Think about getting a LISA (Lifetime ISA), which essentially gives you an extra 25% on whatever you have in the account. This is a great way of keeping your savings on track mentally – the moment you don’t spend that money on a house/saving for pensions, the government will take the extra cash away’.
Try a side hustle.
Janine suggests that starting a new side hustle could help bring in extra cash for a home without taking up too much time.
She says, ‘If you have an unused parking space available in your rented property, renting this space out to people visiting the area is an easy way to pocket some spare cash that doesn’t affect your day-to-day working life. JustPark is a great app to get started with for this.
Janine adds, ‘If you do have some spare time, it might also be worth taking a look at Roamler. It is a crowdsourcing business that sends out quick and easy tasks for people in the local area to do – some of these jobs can include becoming a mystery shopper or helping with merchandising.’
Small change adds up – make the most of it!
Janine recommends using the change round-ups on Nationwide.
‘This is such a simple way of adding to your savings in small increments, so small you won’t even notice the cash leaving most of the time,’ she says.
‘Let’s say you buy a sandwich for £2.90 – Nationwide will round up that third pound and take the 10p for your savings pot. This will definitely add up over time!’
Methodology
- To establish the 20 most populous cities for analysis: https://www.statista.com/statistics/294645/population-of-selected-cities-in-united-kingdom-uk/
- To establish the estimated cost of conveyancing: https://www.comparemymove.com/conveyancing/conveyancing-calculator
- To establish the average cost to buy a home and the cost of removals by city: Dave Sayce at Compare My Move
- To estimate the number of children living at home in 2031: https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/populationestimates/articles/moreadultslivingwiththeirparents/2023-05-10#:~:text=The%20total%20number%20of%20adult,4.9%20million%20in%20Census%202021.
- To establish the average salary for each city’s population, and each age group’s average salary. https://docs.google.com/spreadsheets/d/17QaNIVlhSFj5gjKw7-X75nflc0uAjfBR/edit#gid=1477130527
- To work out the average salary for the age group and city together: MoneyNerd compared the difference between the age groups’ average salaries and the UK general median salary and turned this into a percentage. The percentage was then applied to the individual cities’ average salaries to work out the average salary for each city and age group combined.
- To work out the number of years it would take to save up for moving costs: MoneyNerd used each city’s average salary for the individual ages to work out how much the two age groups could realistically save each year (20% of yearly salary), and how many years of savings they would then need to afford the total moving out costs.
- To establish each city’s estimated surveying cost: https://www.comparemymove.com/advice/surveying/how-much-does-a-house-survey-cost
- To establish each city’s estimated stamp duty cost: https://www.comparemymove.com/house-removals/stamp-duty-calculator
