At Survey Network, we see the impact that these costs can have on a buyer's overall purchasing power and the role that a thorough survey plays in supporting a smooth, informed transaction. Here's how budgeting for a survey now could help you navigate these changes, saving you time, money, and stress.
Surveying Costs and Their Impact on Your purchase process
A comprehensive property survey typically costs between £700 and £1,000. While this might seem like a significant expense, a survey can bean invaluable investment, helping you avoid unexpected repairs and maintenance further down the line. However, adding this cost to the equation alongside the increased stamp duty in April means it’s crucial to plan your budget effectively to ensure you’re financially prepared for the entire purchase process.
Contact Survey Network today to meet your surveying demands.
First-Time Buyers: Act Now to Maximise Your Savings
If you’re a first-time buyer, you currently enjoy stamp duty relief up to £425,000, with partial relief up to £625,000. But from April 2025, this relief threshold will drop to £300,000, with a maximum of £500,000. For example, a first-time buyer looking to purchase a £420,000 property could soon face a stamp duty charge of £6,000. Add in the cost of a survey, and the total can impact your purchasing power, potentially affecting the size of your deposit or the loan amount you’ll qualify for.
Getting a survey done sooner rather than later will allow you to avoid some of these costs under current rules, while helping you enter negotiations fully informed about the property’s condition and true value.
Changes Affecting All Buyers: Increased Stamp Duty, Increased Need for Preparation
These stamp duty changes will impact all buyers, not just first-timers. Currently, there’s no stamp duty on purchases up to £250,000. However, from April, this tax-free threshold will drop to £125,000, with 2% charged up to £250,000 and 5% on amounts up to £925,000. For a £250,000 property, that’s an additional £2,500 in stamp duty alone. Factoring in the cost of a survey, buyers could face additional upfront costs of up to £3,500, money that could otherwise have gone towards home improvements, new furniture or covering legal fees.
How Survey Network Can Support Your Purchase
At Survey Network, we understand the challenges of navigating these financial considerations in today’s market. We can help you secure a high-quality survey, so you can approach your purchase with clarity, avoid hidden issues, and negotiate with confidence if required. With the added cost of increased stamp duty approaching, a thorough survey will ensure you know exactly what you’re investing in before committing to the purchase, avoiding costly surprises and reducing your financial strain during a crucial time.
Contact Survey Network today to see how we can support you.
The Bottom Line: Act Now to Save Later
Planning early will make a world of difference. By budgeting for your survey and being mindful of these changes to stamp duty, you’ll be in the best possible position to secure the right property while managing your expenses wisely. At Survey Network, we’re here to help make this process smoother, so you can focus on securing your new home with confidence.
