Published by Gbaf News
Posted on August 21, 2018
8 min readLast updated: January 21, 2026
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Buying a house can be an expensive affair – that’s common knowledge. But it’s still very easy to underestimate just how much goes into it.
Deposits, mortgage payments, and estate agent fees are obvious, but have you considered house surveys, packing materials, or even just fixing cracks? Those alone could cost you up to nearly £1500 – and along with other additional fees, can represent 40% of the total upfront cost.
These insights come from a new study by finance experts TotallyMoney into the real costs of buying a home. The interactive tool allows the user to list their house price, 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.
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:
October Sales – When To Buy
The research also discovered the best time of year to buy your property. In general, property costs increase throughout the year, meaning it’s better to buy sooner rather than later. This is particularly true at the start of the year, as prices increase dramatically each month from April through to August, with the average increase in April being about £2,380.
But if you’re looking to buy in August, you might be better off waiting until October – on average, property prices drop by about £80 in September, and then a further £240 in October. It’s not a significant change when compared with the hundreds of thousands that go into a property, but it can offset some of the costs of moving in and setting up.
Where To Buy Cheap
You might not be able to save much on the costs of the property itself, but you can always make sure you’re buying in the cheapest locations available.
London, at the other end of the scale, not only offers a £693,143 average property cost but upfront costs of £125,195.
Joe Gardiner, TotallyMoney’s Head of Brand and Communications, commented: “Buying your first home is an exciting step in your life, but it’s also an expensive one – and often more expensive than you initially estimate. We conducted this research to help first-time buyers 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.
Buying a house can be an expensive affair – that’s common knowledge. But it’s still very easy to underestimate just how much goes into it.
Deposits, mortgage payments, and estate agent fees are obvious, but have you considered house surveys, packing materials, or even just fixing cracks? Those alone could cost you up to nearly £1500 – and along with other additional fees, can represent 40% of the total upfront cost.
These insights come from a new study by finance experts TotallyMoney into the real costs of buying a home. The interactive tool allows the user to list their house price, 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.
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:
October Sales – When To Buy
The research also discovered the best time of year to buy your property. In general, property costs increase throughout the year, meaning it’s better to buy sooner rather than later. This is particularly true at the start of the year, as prices increase dramatically each month from April through to August, with the average increase in April being about £2,380.
But if you’re looking to buy in August, you might be better off waiting until October – on average, property prices drop by about £80 in September, and then a further £240 in October. It’s not a significant change when compared with the hundreds of thousands that go into a property, but it can offset some of the costs of moving in and setting up.
Where To Buy Cheap
You might not be able to save much on the costs of the property itself, but you can always make sure you’re buying in the cheapest locations available.
London, at the other end of the scale, not only offers a £693,143 average property cost but upfront costs of £125,195.
Joe Gardiner, TotallyMoney’s Head of Brand and Communications, commented: “Buying your first home is an exciting step in your life, but it’s also an expensive one – and often more expensive than you initially estimate. We conducted this research to help first-time buyers 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.
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