Homebuyers need to cover more than £10,000 on top of their deposit to move house, a study by Post Office Money and the Centre for Economics and Business Research has revealed.

The most significant costs making up this figure are estate agent fees, at an average of £4,815, and stamp duty at £2,019, but other expenses include surveyors, conveyancing and removals.

This adds up to a total of £10,132 on average, which Post Office Money says is 25% higher than it would have been ten years ago.

Prospective buyers tend to underestimate the additional cost, with 80% budgeting for only £6,782.

Chrysanthy Pispinis, director at Post Office Money, said:

"Most people know that planning and budgeting are essential to any move, but most renters or buyers will only think about their deposit payment and may not necessarily plan for the additional costs.

"When people do move - be it renting, buying a first home or moving up the ladder - it really helps to have a very clear understanding of all of the associated costs."

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