Moving house was reportedly the most stressful life event with 48% of people putting it higher than a divorce or a romantic breakup, according to L&G research.

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%).

The survey 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 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 to 34) and 14% of Gen Z (18 to 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, L&G found.

Almost a third struggled to understand different mortgage types, while 39% of 25 to 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%).

However, nearly two-thirds (63%) said they felt confident when buying their first home, including one in five (20%) who described themselves as very confident.

Confidence varied across age groups and was highest among 25 to 34-year-olds (71%) and lowest among those aged 45 to 54 (53%).

It also reveals that 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 director of mortgage club Clare Beardmore says: “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.”