True Cost of Buying Calculator

What does it really cost to buy a house in the UK?

The purchase price is just the beginning when buying a property. On average, buyers spend an additional 3-10% of the property price on buying costs — that's £9,000 to £30,000 on a £300,000 home.

The main costs include:

• •Stamp Duty Land Tax — A tax on the price, worked out band by band and paid to HM Revenue & Customs. First-time buyers pay no SDLT on the first £300,000 of a home costing up to £500,000.
• •Legal/Conveyancing Fees — Your solicitor's fee for handling the legal work, plus the land registry fee and any searches you pay for. Budget £1,000-2,500 in total.
• •Survey Costs — A professional inspection of the property. Basic surveys start around £400, with comprehensive building surveys costing £1,000+.
• •Mortgage Fees — Arrangement fees, booking fees, and possibly valuation fees. Can range from £0 to £2,500 depending on the product.
• •Moving Costs — Removal company or van hire, typically £500-2,000 depending on property size and distance.
• •Insurance — A freehold needs buildings insurance from exchange of contracts: budget £150 to £800 for the first year, rising with the price. A leasehold's is usually paid through the service charge.

How to reduce your buying costs

While some costs are fixed (like stamp duty), others can be reduced with some effort:

• •Shop around for professionals — Get at least 3 quotes from solicitors and surveyors. Prices can vary by 50% or more for the same service.
• •Consider online conveyancers — Online firms are often cheaper than traditional high-street solicitors. Just check reviews and ensure they're responsive.
• •Time your move wisely — Weekday moves are typically cheaper than weekends. End-of-month completions are busiest — mid-month may be calmer.
• •Check first-time buyer eligibility — First-time buyer relief needs every buyer to be a first-time buyer, never having owned a home anywhere in the world. If one of you has owned a home before, the main rates apply.
• •Compare mortgage total cost — Don't just look at the interest rate — compare the total cost including fees over your expected term (usually 2-5 years).
• •Negotiate after survey — If your survey reveals issues, you can ask the seller to reduce the price or fix problems before completion.

Stamp duty differences across the UK

The UK doesn't have a single stamp duty system. Each nation has its own:

• •England and Northern Ireland: SDLT — Stamp Duty Land Tax. Main rates from 0% to 12%. First-time buyers pay no SDLT on the first £300,000 of a home costing up to £500,000. An additional property pays a further 5% of the whole price on top. A buyer who is not UK resident pays a further 2%.
• •Scotland: LBTT — Land and Buildings Transaction Tax. Main rates from 0% to 12%. First-time buyers pay no LBTT on the first £175,000, at any price. An additional property pays a further 8% of the whole price on top.
• •Wales: LTT — Land Transaction Tax. Main rates from 0% to 12%. Wales has no first-time buyer relief: first-time buyers pay the main rates. An additional property pays the higher residential rates instead of the main rates.
• •Which rates apply? — The location of the property determines which tax system applies, not where you live. If you live in England but buy in Scotland, you pay LBTT.