When you're buying a home, it's easy to get caught up in what you'll pay for a mortgage, but that's not all you need to budget for. New data has revealed that the additional costs of buying a home now add up to a third of the average UK salary.
Research by comparison site Really Moving has found that between 2017 and 2018, the cost of buying a home increased by 6% to £9,812. That's a third of the median UK salary, which currently stands at £29,588.
Cuts to stamp duty for first-time buyers, however, have meant that those buying their first home are now paying less than before.
Here, we take a look at the costs you'll need to be prepared for when it comes to buying a home.
According to Really Moving, stamp duty now accounts for almost half (46%) of the total cost of moving home. Existing homeowners now pay an average of £4,500 in stamp duty when moving to their next property - an annual increase of 11%.
The table below shows how the average cost of moving house has changed for non-first-time buyers.
This is largely due to the fact that aspiring homeowners were given a helping hand in the 2017 Autumn Budget, when stamp duty was scrapped for first-time buyers purchasingproperties worth up to £300,000.
In 2017, the average first-time buyer paid £800 in stamp duty, but this bill has now fallen to zero for most - significantly bringing down the total cost of buying your first home.
When you're buying a home, there are several things you'll need to budget for beyond the mortgage deposit.We've rounded up four key costs you'll need to factor into the cost of buying a home in the gallery below.
Whether you're looking to take your first step on to the property ladder or moving to a new place, speaking to an independent mortgage broker can help you work out the best financial options for you.
*Updated 18/2/2019 *