Moving home and buying a first property are among the financial milestones expected to have the biggest impact on UK adults, according to a Compare the Market survey.

Almost a third (31%) of UK adults say a property-related milestone will have the biggest financial impact on them, with 18% identifying moving house and a further 13% selecting buying their first property.

The combined figure puts property-related milestones ahead of having a baby, cited by 10% of respondents, and weddings, selected by 8%.

Buying a first property is associated with an average cost of £39,489, while moving house has an average cost of £17,123, according to the figures.

Glasgow ranks first among UK cities for the proportion of adults who say moving house is their biggest financial milestone.

More than one in five (21.48%) Glaswegians selected moving house, followed closely by Southampton at 21.13% and Liverpool at 20.90%.

The top five cities were:

1. Glasgow – 21.48%

2. Southampton – 21.13%

3. Liverpool – 20.90%

4. Brighton – 20.62%

5. Edinburgh – 20.51%

Charlie Evans, personal finance expert at Compare the Market, said: “Buying your first home or moving house is an exciting step, but it’s important to look beyond the property price when thinking about how much you’ll need to budget for.

“From deposits and mortgage fees to surveys, legal costs and stamp duty, there can be a number of additional expenses that are easy to overlook.

“Taking the time to understand these costs upfront and working out what you can comfortably afford can help you avoid unexpected financial pressure and feel more confident when taking the next step on the property ladder.”