How Much Does It Cost to Buy a House in the UK

Buying a home is one of the biggest financial commitments you'll ever make. While most buyers focus on saving for a deposit, it's often the additional costs that catch people by surprise.

From legal fees and surveys to mortgage charges and moving costs, there are a number of expenses to consider before you receive the keys to your new home.

As a general guide, it's sensible to budget for around 10% to 15% of the property's purchase price on top of the purchase price itself. The exact amount will depend on the property, your mortgage and your individual circumstances, but planning ahead can help make the buying process much less stressful.

Here's a breakdown of the main costs every buyer should know about.

The deposit is usually the largest upfront payment you'll make.

Many lenders offer mortgages with a 5% deposit, although putting down 10% or more can often unlock more competitive mortgage rates.

For example:

• A £250,000 property with a 5% deposit requires £12,500.
• A 10% deposit would be £25,000.

Saving a larger deposit can reduce your monthly repayments and the total amount of interest you pay over the life of your mortgage.

Depending on the purchase price and your circumstances, you may also need to pay Stamp Duty Land Tax (SDLT).

The amount payable varies depending on:

• The value of the property.
• Whether you're a first-time buyer.
• Whether you're purchasing an additional property.
• The latest government thresholds and tax bands.

As SDLT rules can change, it's always worth checking the latest guidance before completing your purchase.

Every property purchase involves legal work.

A conveyancing solicitor handles the legal transfer of ownership, checks contracts, liaises with the seller's solicitor and ensures the purchase completes correctly.

Buyers should typically budget up to £2,000 for conveyancing, although costs vary depending on the transaction's complexity and the solicitor you choose.

It's always worth obtaining a fixed quote before instructing a solicitor.

As part of the conveyancing process, your solicitor will also arrange a series of property searches.

These can include checks for:

• Flood risk
• Planning applications
• Road schemes
• Environmental issues
• Local authority information

Search fees typically cost around £200 to £300, although they're often included within your solicitor's overall quote.

Not every mortgage comes with additional fees, but many do.

These may include:

Booking or Reservation Fee

Some lenders charge a booking fee to secure your chosen mortgage product.

This typically costs £100 to £200 and is often non-refundable if the purchase does not proceed.

Mortgage Arrangement Fee

Many lenders also charge an arrangement fee to set up your mortgage.

These can range from around £1,000 to £2,000.

In some cases, the fee can be added to your mortgage, although this means you'll pay interest on it over time.

It's worth comparing the overall cost of a mortgage rather than simply choosing the lowest interest rate, as cheaper rates can sometimes come with higher fees.

Could Porting Your Mortgage Save Money?

If you're moving home, you may be able to port your existing mortgage to your new property.

This allows you to keep your current mortgage deal, potentially avoiding arrangement fees or early repayment charges.

However, porting isn't always the best option, so speaking to a qualified mortgage adviser can help you compare all available choices.

Your lender will usually carry out a valuation to confirm the property is worth the amount you're borrowing.

Some mortgage products include this free of charge.

Where a fee applies, buyers can typically expect to pay between £150 and £800, depending on the property's value and the type of valuation required.

Although not always compulsory, arranging a survey is one of the most valuable investments you can make.

A survey can highlight structural problems, damp, roof issues or other costly defects before you commit to buying.

Survey costs generally range from £400 for a basic survey to around £1,500 for a comprehensive building survey.

While it may seem like an additional expense, it could save you thousands of pounds in unexpected repair costs later.

Once you've exchanged contracts, it's time to think about moving day.

Removal costs vary depending on:

• The size of your property.
• The distance you're moving.
• Whether you hire a professional removals company or move yourself.

Costs can range from around £150 to well over £2,000.

Getting several quotes is often worthwhile.

Buildings insurance is usually required by your mortgage lender from the day contracts are exchanged.

Contents insurance, while optional, protects your belongings against theft, fire and accidental damage.

Both policies can provide valuable peace of mind as you settle into your new home.

10. The Hidden Costs Many Buyers Forget

The purchase itself is only part of the overall cost of moving home.

Many buyers also spend money on:

• Furniture
• White goods
• Decorating
• Flooring
• Curtains and blinds
• Garden improvements
• Small repairs and maintenance

These expenses can quickly add up, particularly when moving into your first home.

This is a common question from first-time buyers.

In most residential property transactions, the seller pays the estate agent's fees, not the buyer.

Buying a home is exciting, but careful financial planning can make the experience far less stressful.

Understanding the full range of costs before you begin your property search helps you budget accurately, avoid unexpected surprises and move forward with confidence.

If you're thinking about buying or selling a home in Nottingham, the team at Comfort Estates is here to guide you through every stage of the journey. Whether you're purchasing your first home or your next property, we're always happy to offer honest advice and local expertise.

Thinking of making your next move? Get in touch with Comfort Estates today and let us help you find your perfect home.