Almost half of homeowners say moving house is the most stressful life event they have experienced, according to new research from L&G, with younger buyers also struggling to understand the costs and terminology associated with purchasing a property.

The insurer and mortgage group surveyed 2,000 UK homeowners and found that 48% viewed moving house as more stressful than a divorce or romantic breakup, which was cited by 33% of respondents. More than a third (35%) also said buying a home ranked among life’s most stressful experiences.

The findings point to growing pressures facing buyers as they navigate rising costs, mortgage complexity and wider affordability challenges.

Unexpected expenses remain a major issue. Homeowners said they spent an average of £1,836 on unforeseen moving costs, excluding deposits. The figure rose to £2,041 in London and £2,033 in Belfast.

L&G said there was also a significant knowledge gap between generations when it came to understanding the costs involved in moving home.

Nearly half of over-55s said they were aware of all moving-related costs before purchasing, compared with just 12% of young millennials aged 25 to 34 and 14% of Gen Z respondents aged 18 to 24.

Younger buyers were also more likely to underestimate ongoing household expenses after moving in, with 40% of young millennials saying utility bills were higher than expected.

The research also highlighted continued confusion around mortgage terminology and products.

Almost a third of respondents said they struggled to understand different mortgage types, while 39% of 25 to 34-year-olds found equity-related terminology confusing. More than a third (38%) said they did not fully understand the concept of an Agreement in Principle.

Respondents in London reported the highest levels of confusion, particularly around fees, equity and mortgage products.

Despite this, most buyers said they still felt confident when purchasing their first property. Almost two-thirds (63%) described themselves as confident during the process, including one in five who said they were “very confident”.

Confidence levels were highest among 25 to 34-year-olds at 71%, while respondents aged 45 to 54 reported the lowest levels at 53%.

The research also examined attitudes towards financial protection once a purchase had completed. Buildings insurance was the most common product taken out by homeowners at 67%, followed by contents insurance at 61%.

However, take-up of wider protection products remained comparatively low, with just 38% of buyers purchasing life insurance, while 20% took out income protection and 18% opted for critical illness cover.

Clare Beardmore, director of mortgage club at L&G, 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.”