A new survey by Legal & General (L&G) found that 35 per cent of UK homeowners consider buying a home more stressful than a breakup or divorce, while 48 per cent considered moving house more stressful than a breakup or divorce.
The research, based on feedback from 2,000 UK homeowners, highlights a generational gap in understanding the homebuying process, with costs and complex mortgage terminology adding to the pressure.
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.”
Unexpected moving costs averaged £1,836, rising to £2,041 in London and £2,033 in Belfast.
Younger buyers reported greater uncertainty and surprise over costs, with 40 per cent of young millennials (aged 25-34) saying utility bills were higher than expected.
Only 12 per cent of young millennials (aged 25-34) felt fully aware of all moving expenses, compared with 45 per cent of those aged 55 and older.
Nearly two-thirds of all respondents (63 per cent) felt confident during their first home purchase, though that figure dropped to 53 per cent among 45-54-year-olds.