Moving house is more stressful than divorce according to nearly half of respondents to a new survey by Legal & General. The survey also found that buyers said they had spent over £1,800 on ‘hidden’ costs that hadn’t been accounted for.
Of the 2,000 UK homeowners surveyed by the financial services provider, 48% said that both moving house or buying a home (35%) were more stressful than a breakup (33%).
L&G’s research also revealed that a significant number of buyers remain confused or uncertain about the home buying process, with unfamiliar terminology and unexpected fees leading to stress.
It found that on average, homeowners reported spending £1,836 on ‘hidden’ moving costs they hadn’t accounted for in advance, excluding the deposit. This increased to £2,041 in London and £2,033 in Belfast.
The survey also highlighted a knowledge gap between younger and older buyers, with nearly half (45%) of those aged 55-plus claiming 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.
Mortgage terminology was another hurdle for many buyers, almost a third of whom 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’.
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.”
