This is how much it really costs to buy a home in Wales, as every hidden cost is unveiled

With house price growth increasing rapidly over the past few years, new research reveals how much it really costs to buy a home in Wales when hidden costs are factored in.

Many buyers find themselves financially stretched to cover costs, and the hidden fees attached to buying a home are often unaccounted for.

The study by money.co.uk analysed the additional factors that add to the cost of buying a home, such as legal fees and stamp duty to reveal how much it costs to buy a home in Wales.

The costs of buying a home in the UK:

Country	Average house price	Extra costs	Total cost	Extra costs as % of total
England	£314,278	£7,402	£321,680	2.30%
Scotland	£191,941	£4,491	£196,432	2.29%
Northern Ireland	£176,131	£3,471	£179,602	1.93%
Wales	£223,798	£3,719	£227,517	1.63%

Wales has the least additional costs in the UK at £3,719, which accounts for 1.63% of the total amount paid. That’s 0.67% less than England, which ranks in first place for the highest hidden house costs

Each of the UK’s countries has different rules when it comes to property taxes such as Stamp Duty. The amount of Stamp Duty you pay is based on the value of the house you’re buying, so with England having higher average house prices, buyers are hit harder than Wales.

Buying a home involves a lot of paperwork, which is why you will need a specialist solicitor known as a conveyancer to make sure everything runs smoothly. Including VAT, average mortgage fees in the UK are between £850 and £1,500, with the median of that range being £1,175. As a separate charge, your solicitor will also arrange local searches for defects within the property, at an average cost of £250 to £300.

All house purchases will involve a mortgage valuation fee, as this is carried out on behalf of the lender so that they can ensure that you are not paying over the odds for your property and that they are making a sound investment. 

There are lots of different types of house surveys that you can have done, but the most basic type is a RICS Home Survey Level 1 which covers visible defects and a condition rating. This type of property survey will suffice for newer properties and costs between £500 and £600 for a property worth between £250,000 and £349,000. These surveys cost the same across each country in the UK.

The typical cost of broker fees in Wales runs up to around £1,164 on average, but can be anything up to £2000. Looking at England, broker fees are even more expensive, costing a whopping £1,634 here. However, Scottish buyers pay much less at £998 on average. Not everyone seeks professional mortgage advice, and not all brokers charge a fee, as some will be paid a commission by the mortgage lender instead. Those that do charge mortgage broker fees vary from around 0.3% to 1% of the value of the property.

Further study insights:

• England is the UK country with the most additional costs £7,402, almost £3,500 more than Wales in fourth place.
• Scotland has the second most additional costs in the UK at £4,491, over £500 more than Wales.