First-time buyers face highest hurdle in England
The latest research from Yopa has found that while first-time buyers in England continue to face the highest cost of getting a foot on the property ladder, at £27,807, it’s their Scottish counterparts who have seen this cost rise by the largest margin over the last year, increasing by 5.5%.
Yopa analysed* the current cost of buying a first home across Britain, based on a 10% mortgage deposit based on the current average first-time buyer house price, the cost of a first monthly mortgage payment, the average legal and conveyancing costs in each nation, and the cost of hiring a moving firm. Yopa then looked at how this cost has changed over the last year to reveal which nation has seen the sharpest increase.
The research shows that the average first-time buyer house price across each nation remains below current property tax thresholds, meaning that the average first-time buyer doesn’t face this additional cost when climbing the first rung of the property ladder. This means that first-time buyers across England, in particular, have not been impacted by the Government’s decision not to extend relief thresholds beyond March last year.
Despite this, England remains the most challenging market when it comes to the overall cost of purchasing a first home.
England home to highest overall cost
With the average first-time buyer property price in England now standing at £245,786, buyers require a 10% deposit of £24,579. Based on the current average first-time buyer mortgage rate of 3.88%, this results in a typical monthly repayment of £1,153.
When combined with average conveyancing costs of £1,400 and removals costs of £675, the total cost of purchasing a first home in England reaches £27,807. Although this remains the highest of all British nations, England has seen the smallest annual increase in this cost, up by 2.1%, or £574, over the last year.
Welsh buyers sit mid-table
In Wales, the total cost of purchasing a first home now stands at £20,671. This reflects a £498 annual increase, equivalent to 2.5%.
Welsh first-time buyers typically face a deposit of £17,982, average monthly mortgage repayments of £844, conveyancing costs of £1,268, and removals costs of £577, keeping overall entry costs notably lower than in England.
Scotland sees largest annual increase
Scotland remains the most affordable nation overall, with the average total cost of a first home standing at £18,398. However, this represents a £962 increase over the last year, the largest rise of any nation, equivalent to 5.5%.
As a result, the average first-time buyer in Scotland now requires an average deposit of £15,922, monthly mortgage repayments of £747, conveyancing costs of £1,128, and removals costs of £601.
CEO of Yopa, Verona Frankish, commented:
“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.”
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