The Real Cost of Buying a First Home in Pimlico
A first purchase at the £1,000,000 Pimlico average needs about £147,050 in cash, made up of £100,000 deposit, £43,750 stamp duty with first time buyer relief, and roughly £3,300 in fees.
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
A first purchase at the £1,000,000 Pimlico average needs about £147,050 in cash, made up of £100,000 deposit, £43,750 stamp duty with first time buyer relief, and roughly £3,300 in fees.
Every pound you need before completion in Pimlico
On the local average the deposit is £100,000, stamp duty is £43,750 and fees are near £3,300. Total cash needed is about £147,050.
The £1,000,000 average is above the £500,000 ceiling, so first time buyer relief does not apply. Stamp duty is the full £43,750. Rates are those in force from April 2025. Confirm the current position on gov.uk before you exchange.
Where the upfront cash goes
The commercial page for this town sets out the introduction itself: Mortgage advice in Pimlico.
Where local earnings cap the purchase price
Average prices above £500,000 mean first time buyer relief does not apply on a typical purchase here. Budget the full duty from the start.
What the first year actually costs
Band D council tax in Pimlico is £1,048 a year, which is £87 a month. Add energy, water, insurance and maintenance.
Protection belongs in the same budget. If the mortgage depends on two incomes, it depends on both people staying well enough to earn. That is the part of the purchase we advise on directly.
The Pimlico detail first buyers ask about
The schools families ask about here are St Gabriel's CofE Primary School, St Barnabas' CofE Primary School, Burdett-Coutts and Townshend Foundation CofE Primary School, The Grey Coat Hospital and Pimlico Academy. 4 local schools were rated Good or Outstanding overall at their most recent graded Ofsted inspection. Ratings age between inspections, so read the latest report before you rely on one.
On getting about: Transport in Pimlico is a story of one very good line and a very good walk. These indicative times are a starting point, always verify current timetables before relying on a specific journey.
By price, Pimlico ranks 35 of the 320 London locations we cover, at £1,000,000 against a county average of £732,469. Band D council tax here is £1,048, against an average of £2,121 across the towns we cover in the county.
What your money buys in Pimlico
Pimlico is a remarkably uniform grid of white stucco terraces and garden squares, with two very large post-war estates and the river along the southern edge.
The full local guide covers schools, transport and the market in detail: Pimlico property and area guide.
| Budget | What it buys here |
|---|---|
| Around £400,000 to £700,000 | An ex-local-authority flat in Churchill Gardens, Lillington Gardens or a smaller estate, genuine central London value, subject to lender criteria on the block. |
| Around £800,000 to £1,400,000 | A good two-bedroom flat in a Cubitt stucco terrace or a purpose-built block, the core of the Pimlico market, where lease length drives much of the price difference. |
| £2,000,000 and above | A whole stucco house, usually listed and in a conservation area, often on or near one of the garden squares, the top of the local market, and a fraction of Belgravia prices. |
- Cubitt stucco terraces and garden squares
- Materially cheaper than Belgravia or Chelsea next door
- Tate Britain and a mile of riverside on the doorstep
- The lowest council tax Band D in England
- A genuine local high street and street market
- Pimlico station is Victoria line only, no interchange
- Short leases are common and can be expensive to extend
- Within the Thames tidal floodplain behind defences
- Service charges and major works in big blocks can be heavy
- Inside the ULEZ and the Congestion Charge zone
Pimlico is known locally for Tate Britain. Tate Britain on Millbank, opened in 1897 on the site of the Millbank Penitentiary, holding the national collection of British art and the Turner Bequest, and free to enter.
Practical detail for Pimlico: the SW1V (with parts of SW1P and SW1W adjoining) postcode district and nearest A and E is St Thomas' Hospital or Chelsea and Westminster Hospital, verify with NHS.
Pimlico at a glance
| Upfront cost | Pimlico figure |
|---|---|
| Average price | £1,000,000 |
| Deposit at 10% | £100,000 |
| Stamp duty, first time buyer | £43,750 |
| Stamp duty, standard rate | £43,750 |
| Legal, survey and moving | £3,300 |
| Total cash needed | £147,050 |
| Monthly repayment illustration | £5,261 |
Figures are local averages used for illustration. Confirm your own numbers before acting on them.
Ask about Pimlico
Three details is all we need. You are told before anything is passed to a partner firm.
Your checklist
- Total cash of about £147,050, not just the deposit
- Your stamp duty position confirmed on gov.uk
- A first year running cost budget including £1,048 council tax
- Income protection quoted before completion, not after
The introduction costs you nothing. If you go ahead, we may be paid a fee by the firm we introduce you to. There is no obligation.
Check broadband before you make an offer in Pimlico
Broadband speeds can vary street by street in Pimlico, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
We can introduce you to a specialist who can combine your mobile, broadband and utilities into one bill. There's no fee for the introduction.
We don't provide these services ourselves. Switching household bills is not a regulated financial service, so FCA protections and the Financial Ombudsman do not apply. We'll only pass your details to the specialist if you ask us to. See our privacy notice.
Questions people ask
How much money do I need to buy a first home in Pimlico?
Do first time buyers pay stamp duty in Pimlico?
What is the biggest hidden cost?
How do I check broadband speed at a property in Pimlico?
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