First-time buyers in England face the highest upfront costs in Britain to secure their first home – even as Scotland records the sharpest annual increase in entry costs, latest research from Yopa reveals.
The analysis calculates the total cost of buying a first property based on a 10% deposit, the first monthly mortgage payment, average legal and conveyancing fees and removals costs.
In England, the total cost of purchasing a first home now stands at £27,807 – the highest of any British nation. The figure is based on an average first-time buyer property price of £245,786, requiring a £24,579 deposit.
With an average mortgage rate of 3.88%, the typical first monthly repayment is £1,153. Adding conveyancing costs of £1,400 and removals of £675 pushes the overall entry bill close to £28,000.
MASSIVE HURDLE
Despite the scale of the hurdle, England saw the smallest annual increase, with costs rising 2.1%, or £574, over the past year.
In Wales, first-time buyers face a total cost of £20,671, up £498 year on year, a 2.5% increase. The average deposit stands at £17,982, with monthly repayments of £844, alongside lower legal and removals costs than England.
Scotland remains the most affordable market overall, with a total first-time buyer cost of £18,398. However, it has recorded the largest annual increase, with costs rising £962, or 5.5%, over the past year. The average Scottish first-time buyer now needs a £15,922 deposit and faces monthly repayments of £747.
Yopa also points out though that average first-time buyer property prices remain below current stamp duty thresholds, meaning most buyers have avoided additional tax costs following changes to relief levels last year.
SUBSTANTIAL COMMITMENT
Verona Frankish, Chief Executive of Yopa, says: “While affordability conditions have improved over the last year thanks to falling mortgage rates, the reality is that getting onto the property ladder still requires a substantial financial commitment, with this financial hurdle having increased across all British nations over the last year alone.
“The task of purchasing a first home remains toughest in England when it comes to the overall cost, but it’s Scottish first-time buyers who have seen the financial hurdle to homeownership increase by the greatest margin, largely driven by a higher rate of house price growth in Scotland over the last year.”
HOMEBUYER BOOST
But she adds: “The good news is that 2026 should be a more settled year for the property market and we expect to see interest rates continue to trend downwards, which should further boost homebuyer affordability with respect to the cost of a mortgage.
“Whether this is enough to offset the increase seen in property values remains to be seen, but for those looking to make their first move, careful budgeting, realistic expectations, and strong professional guidance remains key.”
