# The Price Isn’t Right – Find Out How Much It Really Costs To Get On The Property Ladder Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-01-05 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: The True Costs of Buying Your First Home Revealed Meta Description: Uncover the true expenses of purchasing a property in the UK, with upfront costs exceeding £38,000. Learn how to save money and avoid surprises. URL: https://financedigest.com/price-isnt-right-find-much-really-costs-get-property-ladderhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/the-price-isnt-right-find-out-how-much-it-really-costs-to-get-on-the-property-ladder-1736840162750-compressed.jpg) _TotallyMoney reveal the true costs of buying your first home_ - [TotallyMoney](https://www.totallymoney.com/) study uncovers the true costs upfront involved with buying a property - The efforts of homebuyers to save money by doing their own conveyancing are likely to fork out more money - The UK average upfront cost is £38,777 – over a quarter of the average property price With house [prices continuing to rise](https://www.financedigest.com/bitcoin-price-rises-past-50000-as-rebound-continues.html "Bitcoin price rises past ,000 as rebound continues"), buyers are increasingly looking for ways to minimise the financial outlay, including through so-called ‘DIY’ conveyancing. This insight comes from a [new study](https://t.yesware.com/tt/ee38ffa5f957cf1859448baf890a21df7cb75621/36f7870a996ee8ce130cb12602f8f2c1/be74556f4c78edb2924df4ee9c45f0c3/www.totallymoney.com/content/real-cost-buying-home/) by finance experts TotallyMoney into the real costs of buying a home. Which reveals the average ‘upfront cost’ of purchasing a [home in the UK exceeds £38,000 — this refers to the fees that a purchaser must pay](https://www.financedigest.com/britain-launches-scheme-to-pay-homes-to-curb-electricity-use.html "Britain launches scheme to pay homes to curb electricity use") for the sale to go through. Costs include stamp duty, deposit and valuation fee. The interactive tool allows the user to list their [house price](https://www.financedigest.com/uk-house-prices-speed-up-but-slowdown-coming-nationwide-says.html "UK house prices speed up but slowdown coming, Nationwide says"), desired location, and the number of bedrooms, and select potential costs involved in moving, before seeing how much the whole buying and moving process will cost them. However, while the DIY route may help to [save £300 to £600 — a fraction of overall purchase costs](https://www.financedigest.com/how-omnichannel-identity-servers-help-enterprises-enhance-customer-experience-unlock-cost-savings-and-accelerate-time-to-market.html "How omnichannel identity servers help enterprises enhance customer experience, unlock cost savings and accelerate time to market") — it also opens buyers up to huge risks. **Unforeseen Circumstances** Some costs, though unexpected, won’t put too much of a strain on your wallet. Others, on the other hand, can be a nasty surprise. Have you considered: - **Stamp duty land tax**– Stamp duty isn’t a [problem for everyone as homes](https://www.financedigest.com/problems-at-home-impact-employee-creativity-more-than-problems-at-work.html "Problems at home impact employee creativity more than problems at work") under £125,000 won’t incur it, and prices up to £500,000 for first-time buyers will be reduced or negated. But if you’re [buying a more expensive home](https://www.financedigest.com/remortgaging-a-home-to-buy-to-let-how-does-it-work.html "Remortgaging a Home to Buy-to-Let – How Does it Work?"), or not your first, it can cost **tens of thousands of pounds**. - **Fixing leaks, cracks, and rewiring electrics –Small [faults with a property](https://www.financedigest.com/analysis-crisis-radar-falls-on-fault-lines-in-europes-commercial-property.html "Analysis-Crisis radar falls on fault lines in Europe’s commercial property") are easy to overlook when you’re buying it. But once you’re in, it’s natural to want to bring the place up to scratch – but with average costs of £120 and £60 for leaks and cracks, and as much as £2,750 for rewiring electrics, it can be a real shock to your bank balance.** - **Homebuyer’s report – Even if you don’t want a full building survey, a homebuyer’s [report can identify a lot of potential issues with a property –](https://www.financedigest.com/industrial-catalytic-converter-market-size-share-forecast-report-2027-covid-19-impact-analysis-fmi.html "Industrial Catalytic Converter Market Size, Share, Forecast Report – 2027 – COVID-19 Impact Analysis | FMI") but it’ll still put you out a massive £786 on average.** - **Solicitor costs**– When buying your home with the aid of a solicitor, their [costs can reach between £850 and £1,500 – a sizeable fee to pay](https://www.financedigest.com/factbox-strikes-protests-in-europe-over-cost-of-living-and-pay.html "Factbox-Strikes, protests in Europe over cost of living and pay") as you enter your new property. **Where To** [Buy Cheap](https://www.financedigest.com/from-burgers-to-bleach-stressed-consumers-buy-cheap.html "From burgers to bleach, stressed consumers buy cheap") You might not be able to [save much on the costs](https://www.financedigest.com/untapped-cost-savings-why-smart-building-management-systems-are-a-finance-department-priority.html "Untapped Cost Savings: Why Smart Building Management Systems are a Finance Department Priority") of the property itself, but you can always make sure you’re buying in the cheapest locations available. 1. **Bradford**– Bradford boasts the cheapest average property [prices across the country](https://www.financedigest.com/eu-countries-consider-lower-gas-price-cap-documents.html "EU countries consider lower gas price cap – documents") at an average of £135,489, and the upfront costs come in at only £24,895 – a real bargain when compared to other areas of the UK. 2. **Sunderland**– Sunderland is a small [price step up from Bradford and an average property will set](https://www.financedigest.com/oil-prices-set-for-weekly-fall-on-stockpile-releases.html "Oil prices set for weekly fall on stockpile releases") you back £146,202 before you start looking at additional costs. In 2017, prices were lowest in March, when they were only £109,082. The total upfront cost is £26,556. 3. [Functional Extracts Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2029](https://www.financedigest.com/functional-extracts-market-potential-growth-share-demand-and-analysis-of-key-players-forecasts-to-2029.html "Functional Extracts Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2029")**Stoke-on-Trent –** Potential buyers in Stoke-on-Trent can look forward to house prices of £152,795 on average – as well as upfront costs of only £27,578. London, at the other [end of the scale](https://www.financedigest.com/veritone-launches-marvel-ai-a-complete-end-to-end-voice-as-a-service-solution-to-create-and-monetise-hyper-realistic-synthetic-voice-content-at-commercial-scale.html "Veritone Launches MARVEL.ai, a Complete End-to-End Voice-as-a-Service Solution, to Create and Monetise Hyper-Realistic Synthetic Voice Content at Commercial Scale"), offers a huge average property cost of £693,143 and £125,195 of upfront costs. Joe Gardiner, TotallyMoney’s Head of Brand and Communications, comments: “Buying your first home is an exciting step in your [life](https://www.financedigest.com/buying-life-insurance-after-a-diabetes-diagnosis.html "Buying Life Insurance After a Diabetes Diagnosis"), but it’s also an expensive one – and often more expensive than you initially estimate. We conducted this research to help [first-time buyers](https://www.financedigest.com/answering-the-nations-first-time-buyers-questions.html "Answering the Nation’s First-time Buyers Questions") make sure they are aware of all potential costs before they have to pay them.” For more information on the hidden costs involved in buying your first home, and to keep a checklist of how much your dream property will set you back, check out the full research on the TotallyMoney website [here](https://t.yesware.com/tt/ee38ffa5f957cf1859448baf890a21df7cb75621/36f7870a996ee8ce130cb12602f8f2c1/29b1919c92bf98b2b4b87472962ffa74/www.totallymoney.com/content/real-cost-buying-home/). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---