Start with the total cost, not just the deposit
Most first-time buyer guides begin with the deposit, but the deposit is only part of what you need before you can complete. The headline cost of buying a home in England at £300,000 as a first-time buyer currently includes a 5 to 10 percent deposit (£15,000 to £30,000), stamp duty land tax of £2,500 (on the portion above £300,000 first-time buyer threshold — zero for prices at or below £300,000 until March 2025), solicitor and conveyancing fees of roughly £1,500 to £3,000, a mortgage arrangement fee of £0 to £2,000 depending on the product, a survey costing £400 to £1,500 depending on type, and removal costs of £300 to £1,500 for a local move.
The total upfront cash requirement is typically 8 to 13 percent of the purchase price once all costs are included. On a £300,000 property with a 10 percent deposit, expect to need between £34,000 and £45,000 in savings before exchange, with a further tranche of costs due at or shortly before completion.
Stamp duty for first-time buyers: what the 2025 changes mean
First-time buyers in England and Northern Ireland benefit from stamp duty relief up to £425,000. On properties priced at £425,001 to £625,000, you pay 5 percent on the portion above £300,000 — note the threshold where standard residential rates kick in reverted to £300,000 from April 2025 after the temporary relief introduced in September 2022 expired. For properties priced above £625,000, first-time buyer relief does not apply and you pay the standard residential rates from the first pound.
In Scotland, first-time buyers pay LBTT at reduced rates — 0 percent up to £175,000 rather than the standard £145,000 nil-rate band. In Wales, there is no first-time buyer LTT relief; all buyers pay the same rates. If you are buying in Scotland or Wales, factor in the higher land transaction taxes on properties above these thresholds when planning your budget.
Conveyancing fees: what you are actually paying for
Conveyancing costs split into solicitor fees (the professional fee for legal work) and disbursements (third-party costs the solicitor pays on your behalf). The solicitor fee for a standard freehold purchase typically runs from £800 to £2,000 depending on complexity, location and whether you use a high street or online firm. Disbursements are largely fixed: Land Registry registration costs £45 to £500 depending on price, local authority searches run £250 to £450, a drainage search costs £50 to £100, and an environmental search adds £30 to £60.
If you are buying a leasehold property, expect additional fees: a leasehold supplement of £100 to £500, and potentially a notice of assignment fee payable to the freeholder. Leasehold transactions are routinely more expensive than freehold and take longer. Budget an extra £500 to £1,000 if leasehold seems likely.
Survey costs: what type do you need?
Your mortgage lender will require a valuation to confirm the property is worth what you are paying. This is not a survey. It is an assessment of value for lending purposes and does not identify structural defects. Most lenders charge £150 to £450 for this, though some waive it on competitive products.
A HomeBuyer Report (RICS Level 2) is the minimum you should consider for a standard property built after 1900. It covers visible defects, damp, signs of movement and urgent maintenance issues and typically costs £400 to £800. A full structural or building survey (RICS Level 3) is recommended for older properties, unusual construction, or if you have concerns about a specific issue. Expect to pay £600 to £1,500 or more. For new-build properties, a snagging survey by a specialist is a different product costing £300 to £600.
Building a realistic savings target
Work backwards from a realistic purchase price in your target area. Take 5 to 10 percent as your deposit floor. Add stamp duty at current first-time buyer rates (use the calculator on this site for an exact figure based on price and nation). Add £2,500 for solicitor fees and disbursements as a conservative estimate. Add £600 for a HomeBuyer Report. Add £500 for mortgage arrangement and valuation. Add £600 for removal. Your total target is typically deposit plus £5,000 to £8,000 in purchase costs.
First-time buyers saving in a Lifetime ISA (LISA) should remember the government bonus of up to £1,000 per year counts towards the purchase funds, but only if the property costs £450,000 or less. For properties priced between £450,001 and £500,000, you can still use the LISA but you pay a 25 percent withdrawal penalty that effectively returns the bonus and charges a fee — this is rarely worthwhile. Above £500,000, you cannot use a LISA for a residential purchase at all.
Frequently asked questions
How much money do I need saved to buy a house in England?
For a £250,000 property with a 10 percent deposit, you need roughly £32,000 to £38,000 in savings — the deposit plus approximately £3,000 to £5,000 in purchase costs including stamp duty (zero for first-time buyers at this price), conveyancing, survey, and mortgage fees.
Do first-time buyers pay stamp duty in England?
First-time buyers in England pay no stamp duty on properties priced at or below £300,000. On the portion from £300,001 to £500,000, the rate is 5 percent. For properties above £500,000, standard residential rates apply without any first-time buyer relief.
What does a conveyancing solicitor do and what does it cost?
A conveyancing solicitor handles the legal transfer of property ownership. They conduct searches, review the contract, handle the exchange and completion process, and register your ownership at the Land Registry. Total costs including disbursements typically run from £1,500 to £3,000 for a standard freehold purchase.