The costs of buying a house in 2024

Beyond the purchase price of your new home, there are a number of fees when buying a house which can add more than 10% to the total bill. Owning a home also costs more than you might expect. Read on for all the costs of buying a house and running a home that you need to budget for.

Angela Kerr Director, Editor

The costs of buying a house in 2024 – How much you’ll need to pay

1. Stamp duty cost when buying a house

Costs: Budget for 0-15% of the property’s price.

Stamp duty is often the largest additional cost of buying a house. When buying the main home in which you will live, in England & Northern Ireland, properties worth up to £250,000 are exempt from stamp duty.

The rate you’ll pay depends on the value of your property and you’ll pay an extra 5% on your stamp duty rate if you’re buying an additional property.  

Example cost: If you’re buying a £350,000 house in England and you’re not a first time buyer you would pay £5,000 in stamp duty costs. While if you’re buying a £500,000 house, and you’re not a first time buyer, your stamp duty costs would be £12,500.

Find out more in Stamp duty: Who pays it, when, and how much?, which includes a stamp duty calculator and rates for Wales and Scotland.

First time buyer stamp duty costs when buying a house

However, first time buyers currently pay no stamp duty on properties worth up to £425,000. While for properties costing between £425,001 to £625,000 you’ll pay 5% stamp duty when buying a house, but only on the value above £425,000. For properties worth more than £625,000, normal stamp duty rates apply.

Example cost: If you’re buying a £350,000 house in England as a first time buyer, your stamp duty bill would be £0. But if you’re buying a £500,000 house as a first time buyer, your stamp duty bill would £3,750.

But this first time buyer stamp duty relief was introduced by the previous government as a temporary measure and is set to end in April 2025. Find more in our guide on First time buyer stamp duty.

Thresholds from 1 April 2025

SDLT starts to apply when you buy property that costs:

• £125,000 for residential properties
• £300,000 for first-time buyers buying a residential property worth £500,000 or less

2. Deposit on the property

Costs: Budget from 0% of your property’s value

It’s not strictly an extra cost of buying a house, but you’ll usually need a deposit to buy a property. While it is possible to get 100% mortgages, which mean you can buy a house without a deposit, if you can save at least a 5% deposit and ideally at least a 10% deposit you should be able to access better rates and a get a much wider choice of lenders. See how much you can afford now with our mortgage calculators.

Deposit cost example: On a £300,000 property, a 5% deposit would be £15,000, a 10% deposit would be £30,000 and a 15% deposit would be £45,000.

Saving for a house deposit can seem an impossible task so make sure you get all the help you can including investigating whether you can get a boost to your deposit with a Lifetime ISA. For more tips read our guide on How to save for a deposit.

If you’re buying and selling a house at the same time you won’t usually need to save a deposit because you can use the equity from the house you’re selling in order to get a mortgage on the house you’re buying. Read more in our guide Selling a house with a mortgage.

3. Conveyancing costs of buying a house

Costs: Budget for typically up to £1,800

The legal process involved in buying a property is called conveyancing. And conveyancing fees can be one of the biggest costs you’ll have to pay when buying a house.

Conveyancing fees can be split into two parts:

• The legal fees (what the conveyancer or solicitor charges for doing the work). Average legal fees when buying a house range from around £500-£1150, according to Reallymoving.
• The disbursements. These include various local searches so your conveyancing solicitor can flag up any local issues you need to be aware of, which typically cost from £250-£450, and registering change of ownership with the Land Registry, which costs £200-£300. These disbursements could add on up to £700 or even more.

How much conveyancing fees cost depends on the value of the home you are buying, whether it is leasehold or freehold (conveyancing fees for a leasehold property could cost around £300 more) and the searches you have done.

If you’re selling a house in order to buy a new house, you’ll have conveyancing fees to pay for your sale too. Find out more in our guide on the Cost of selling a house.

Compare conveyancing quotes from regulated and reviewed conveyancing solicitors that cover your area

4. Survey costs when buying a house

Costs: Budget for £300 to £1,500

It’s well worth getting a professional survey of the state of your building’s construction and condition before you buy it. Surveys can prove expensive but can give you reassurance that your future home is in good condition and will help you avoid finding unexpected problems and costs at a later date. If you get a bad survey report on the property you want to buy, you can use that information to renegotiate on price, and reduce the cost of buying a house overall.

The cost of the survey depends on what type of survey you choose. See our guide on how much a survey costs for more details.

RICS Level 1 Home Survey (Typical costs: £300-£900)

• A RICS Home Survey Level 1 covers visible defects and a condition rating, highlighting issues in need of urgent investigation.
• This is the most basic type of survey and is suitable for standard properties.

RICS Home Survey Level 2 (Typical costs: £400-£1000)

• This covers the condition  of property with relative importance of any problems, advice on issues and repairs needed.
• This is the most common survey and suitable for standard properties in reasonable condition.

RICS Home Survey Level 3 (Typical costs: £630 – £1500)

• This full structural survey gives in depth view of property condition and can also include estimate of costs for repairing defects.
• This is suitable for older (50 years +), larger, unusual properties, as well as those in poor condition.

Get instant house survey quotes from Chartered Surveyors in your area.

Snagging surveys for new builds

Costs: Budget from £300

If you’re buying a new build home, you’ll want to get a snagging survey. These surveys can identify problems that range from small, cosmetic issues to significant, structural problems.

It’s advisable to have a Pre-Completion Inspection carried out before you complete on the new build house if your developer allows so that an initial snagging list can be compiled.

However these can often be limited so you may want to opt for a full snagging survey to be carried out as soon as you move in. New build snagging surveys typically cost from £300.

Find out more in our guide Snagging lists for new builds explained.

5. Mortgage arrangement fees

Costs: Budget up to £1,500

Next on the list of the costs you’ll face when buying a house are mortgages. Mortgage lenders often charge arrangement fees to get access to the best mortgage rates. The costs usually range between £500 -£1,500 and you’ll usually have the option to pay the fee up front or add it onto your mortgage balance. If you want to pay the cost of the arrangement fee up front to avoid paying interest on it over the term of your mortgage, be sure to find out if you’ll get your arrangement fee refunded if you don’t go ahead with the mortgage.

Sometimes it’s worth paying a higher arrangement fee in order to get a lower mortgage rate but this isn’t always the case. So speak go a fee-free expert mortgage broker, they’ll crunch the numbers for you to find you the best mortgage deal overall.

Get free advice from our award-winning mortgage brokers today. You can speak to them or start the process online, or use our range of calculators to see how much you can afford

Could porting a mortgage save on the costs of buying a house?

Porting a mortgage means you buy a new home and transfer your existing mortgage to your new property. You’ll keep the same mortgage rate and features but as it will technically be a new mortgage, you will have to complete a mortgage application.

And porting a mortgage could mean avoiding paying arrangement fees on a new deal as well as any early repayment charges. However, may find you can save on costs overall by moving to a new deal with a better rate. So speak to a fee-free mortgage broker who will explain your options.

6. Mortgage valuation fees

Costs: Budget for up to £300

Your mortgage lender will also want to conduct a mortgage valuation survey. This is for the lender’s benefit to confirm that the property is worth at least what they are lending you. This is another cost to factor in when buying a house. Some lenders don’t charge a mortgage valuation fee but if they do they usually vary according to the value of the property and lenders will have their own fee scale. Typically though valuation fees cost up 300.

7. Mortgage broker fees

Costs: Budget ranges from £0 – £1,000s.

Some mortgage brokers charge no fee, while others charge between a few hundred pounds up to 1% of your mortgage. We recommend you avoid this unnecessary and additional cost of buying a house. Opt for a fee-free mortgage broker to help you find the best mortgage deal, and one which uses a wide selection of lenders.  For fee-free advice from mortgage experts we have teamed up with L&C.

Get free advice from our award-winning mortgage brokers today. You can speak to them or start the process online, or use our range of calculators to see how much you can afford

8. Do you need to pay estate agent fees

Do not fear – the seller rather than buyer pays these.  However, there are some exceptions to this.

• Modern Method of Auction fees: Cost often £6,000+ : If you’re buying a home via an estate agent you will pay fees if the seller is selling via the Modern Method of Auction. This is a type of online property auction and if you make the winning bid you’ll need to pay a reservation fee, usually of thousands of pounds, to give you a set period in which you can buy the property. This fee is in addition to the purchase price. Find more in our guide Modern Method of Auction: Pitfalls for buyers.
• Buying agent fees 1%-3% of the purchase price: Some home buyers opt to use the services of a buying agent. They are like estate agents but act solely in the interests of the buyer. A buying agent’s job is to find their client the property that best fits what they are looking for, and then negotiate the best price and terms. Their services come at a cost. Find out more in our guide Buying Agents Explained.

Bear in mind that while you will be dependent on the estate agent for viewings, advice and for negotiations, you should not feel under any pressure to use the estate agent’s in-house mortgage broker or other services.

If you are selling your current home at the same time as buying your new home, remember to factor in estate agent fees. See How much should I pay the estate agent? Also see our guide on the Cost of selling a house.

9. Removals costs

Costs typically range from £450 to £1,400

If you have little furniture and energetic friends, you can do this for free. But if you have a lot, then removals costs to hire a professional removals firm can range from £350 to many thousands of pounds, depending on the size of your house and how far you are moving.

Our partners, Reallymoving.com, estimate the average removal covering 10 miles would cost from £450 to £550 for a one or two bedroom house to £1,400 for a five bedroom house.

But to get a definitive answer to how much removals cost when buying a house, use our handy removal costs calculator. Simply tap in the size of your property, your current post code and your new post code. You’ll then receive five quotes from regulated removal companies.

10. Home Buyer protection insurance

Cost: Budget from £69

With around 1 in 3 property purchases falling down, getting Home Buyer Protection Insurance in place is one of the costs of buying a house that could prove a wise investment. Home Buyers Protection Insurance can enable you to claim back some of your conveyancing fees, survey costs/mortgage valuation fees and mortgage/lender fees in the event of the purchase falling through.

Protect yourself with Home Buyers Protection Insurance for just £69

11. Life Insurance

Cost varies but often £100s per year

This provides a source of money your family can rely on to cover any debt such as a mortgage in the event of your death and many people purchase it when they take out a mortgage. But you should watch for the commission and cancellation fees before you commit. And always shop around for the best deal – See Do I Need Life Insurance?

12. Buildings and contents insurance

Costs range from £100s to £1,000s each year.

Buildings insurance covers the cost of repairing or rebuilding your house, in case there is major damage, such as a fire or a falling tree. Most mortgage lenders insist you have buildings insurance so that if your home is damaged they are not left without collateral for the loan. And you’ll need this in place from the day you exchange contracts because that’s when you become legally responsible for the property. However, if you’re buying a leasehold property, your freeholder will typically arrange this and you’ll pay for it in your service charge, but do check.

Contents insurance protects your belongings from things like damage and theft once you move in.

The best thing to do is to shop around and find out which is the best option for you. Compare home insurance quotes from 50+ providers to find the best option for you.

The costs of owning a home

However, there’s more to consider than the costs of buying a house, you’ll also need to consider how much it will cost to own the home too, including:

Council tax and bills: The cost of council tax varies by area and by property value and can cost up to several thousands of pounds a year. Read our guide Can I get a council tax reduction?. You’ll also need to pay utility bills including energy bills. Read our guide How to take over utilities when moving house Also, use our handy tool to instantly compare energy suppliers to check if you can save on your energy bills. While television, broadband and phones add to the monthly bills see our guide to broadband and moving house.

Maintenance and building work: Repairing the roof, redoing the wiring, or fixing subsidence all add major costs. If the boiler kicks in, there is a leak, or the fridge packs in, you will need to pay, see Find a builder

Leaseholder charges: If you live in a leasehold property, you may have to pay an annual ground rent and service charge to the freeholder. You may also be liable for special contributions to work on common areas or the structure of the building (such as a new roof). For more information, see Leasehold v freehold – what’s the difference? While if you live in a serviced apartment, you may have a regular service charge to pay.

The hidden costs of buying a house

There are also some ‘hidden’ costs of buying a house that you’ll need to factor in, including:

• Furniture and white goods: Unless you are prepared to sleep on the floor and drink warm milk, you will need a bed and a fridge, and all the other furniture.  It is possible to cut costs buying second hand, but it is also just as easy to spend thousands as the sky is the limit on what you can spend.
• Redecorating: Few new homes need no work done to them. Most need some redecoration or other minor building works. Doing it yourself can cut costs, but most new homeowners spend far more than they expect on doing up their new place.
• Again, how much you spend completely depends on how much work you are having done. You can find local tradespeople and get quotes for jobs now using our Find a builder tool.
• Residents’ parking: in many towns and cities, you have to pay an annual fee to be allowed to park your car in the street, and then buy permits for your visitors
• Other moving costs: You may also have to pay other costs associated with moving including the redirection of your mail, cleaning costs and storage costs.

Find more information in our guide How much does it cost to move house?