For anyone planning on buying a home, the process can be financially daunting, what with furnishing the necessary deposit, defining exactly how much you can afford to take out as a mortgage and therefore what type of property (and where) you can likely afford, all tempered further by the costs of the enterprise with legal fees, stamp duty, removals, home survey and a whole raft of other considerations to factor in.
But, for first-time buyers, this whole process can be even more stressful, not least because they have never been through the activity of buying a home before, so there are increased risks as a by-product of ensuring that everything is done right. This is particularly important when it comes to protecting their investment and safeguarding their choices. In addition, first-time buyers will not have the advantage of any accrued equity in the sale of their current property.
Why first-time buyers face unique financial challenges
Those who are designated as first-time buyers are usually highlighted as a separate entity for these very reasons and because they are an important part of the housing market, a significant proportion of all buyers. This explains why the government is keen to give them guidance and financial assistance; the housing market is an important indicator of the health of the overall economy.
Yopa, the online estate agent, has carried out research on the associated costs for each of the countries in Britain for first-time buyers when it comes to buying that first home. Reported in Estate Agent Today, Yopa performed the research based on a 10% mortgage deposit for the current average first-time buyer house price in each of Scotland, England and Wales, including the cost of the first monthly mortgage payment, the average legal and conveyancing costs in each region, and the cost of removals, taking the results and comparing the figures against the previous year.
Their findings were in equal measure unsurprising and startling.
Overall, Yopa's research found that the average house price for the first-time buyer remains below the threshold that triggers stamp duty in each of the regions, but nevertheless that there are still significant challenges.
Average costs of buying a first home by region
Region | Deposit | Monthly repayment | Conveyancing costs | Removals costs | Total | Annual increase |
England | £24,579 | £1,153 | £1,400 | £675 | £27,807 | 2.1% |
Wales | £17,982 | £844 | £1,268 | £577 | £20,671 | 2.5% |
Scotland | £15,922 | £747 | £1,128 | £601 | £18,398 | 5.5% |
Source: Yopa
What the results of Yopa's research shows is that, financially, those buying in England are going to be more stretched overall, while the best position lies in Scottish property purchases; however, the average increase in costs over the year show that Scotland has borne the brunt of the cost rises, while England comes in at a lower increase.
Perhaps unsurprisingly, though, looking at the individual elements of the cost, it is England that remains the most expensive of the three regions, while Wales is only cheapest when it comes to the removals.
What the rising costs mean for 2026 buyers
As Verona Frankish, chief executive of Yopa, said of the research findings:
"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.
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."
Managing first-time buyer costs with expert conveyancing
For those working to a tight budget for their first property, what Yopa's research underlines is the importance of ensuring you choose the right organisation to support the planned purchase while receiving a quality service. When it comes to the conveyancing work, choose Homeward Legal.
Our conveyancers will start work on your plans as soon as you agree to the quotation and appoint them to represent you. Homeward Legal provides a quote that will not change - what you are quoted is what you pay for standard conveyancing process, which means you can effectively budget for your conveyancing needs.
To protect homebuyers further, Homeward Legal operates a 'no completion, no fee' promise, which ensures that, should the purchase not go through to completion, no payment is required.
Call us now on to get your conveyancing quote started, or get a quick quote online.