L&G’s survey of 2,000 UK homeowners found that both moving house (48%) and buying a home (35%) are considered more stressful than a divorce or romantic breakup (33%).

Even with careful planning, the costs of buying and moving can quickly mount. L&G found that on average, homeowners reported spending £1,836 on unexpected moving costs, excluding the deposit.

This rises to £2,041 in London and £2,033 in Belfast, highlighting the regional variation in financial pressures.

L&G’s research also highlighted a significant knowledge gap between younger and older buyers. Nearly half (45%) of those aged 55+ said they were aware of all moving costs, compared with just 12% of young millennials (25–34) and 14% of Gen Z (18–24).

Younger respondents were also more likely to underestimate expenses associated with moving in a new home, with 40% of young millennials saying utility bills were higher than expected.

Understanding mortgage terminology is another hurdle for many buyers. Almost a third struggled to understand different mortgage types, while 39% of 25–34-year-olds found equity-related terms confusing. A further 38% said they did not fully understand the concept of an Agreement in Principle.

By comparison, 39% of those aged 55+ said they understood mortgage-related concepts clearly. Confusion was particularly pronounced in London, where respondents reported higher levels of difficulty across fees (38%), equity (36%) and mortgage types (35%).

Despite the challenges, many buyers felt positive about their financial planning. Nearly two-thirds (63%) said they felt confident when buying their first home, including one in five (20%) who described themselves as very confident.

However, confidence varied across age groups. It was highest among 25–34-year-olds (71%) and lowest among those aged 45–54 (53%). Regionally, confidence peaked in the East Midlands (69%) and was lowest in Northern Ireland (56%).

Once buyers receive the keys, attention often shifts from purchasing to protecting their home and finances. Building (67%) and contents insurance (61%) were the most common types of protection taken out. However, fewer than four in 10 (38%) buyers took out life insurance, while 20% of buyers opted for income protection and just 18% bought critical illness cover.

L&G Mortgage Club director Clare Beardmore said: “Buying your first home is a major milestone, but our research shows it can feel overwhelming, particularly when faced with unexpected costs and unfamiliar mortgage terminology.

“That’s where advisers play such a key role in helping buyers navigate the homebuying process with confidence, ensuring they make informed decisions when arranging a mortgage and have the right protection in place.”