How Much Does it Cost to Buy a House in the UK?

Whether you’re taking your first steps onto the property ladder, moving from one area of the country to another, or are simply looking to buy a house because you think it makes financial sense, buying a UK home is a major task that requires a lot of research and consideration. The process can take months as you view properties, work with estate agents and solicitors before finally getting your keys. But, while the purchase price of the property is a big upfront cost, there are many other costs that should be taken into account before you sign on the dotted line.

Upfront costs

A mortgage lender will require a deposit of between 5% and 20% of the total cost of the property (the exact figure varies between lenders) in Cranbrook houses. A survey of the property can be commissioned to check that the building is structurally sound and free from significant problems, which could influence the final purchase price.

The legal transfer of ownership of the property will be handled by a solicitor who specializes in conveyancing. Their fee can range from PS800 to over PS2,000. First-time buyers in England and Northern Ireland can also benefit from a stamp duty exemption, while homeowners buying properties in Wales will pay Land and Buildings Transaction Tax.

If you’re purchasing a leasehold property, there may be extra recurring charges such as ground rent and service charges. However, since 2022 new leasehold properties have been banned in England and Wales from charging ground rent, as well as those where the lease has fallen below 90 years.