Prospective buyers have found it harder to secure a mortgage and find a property since stringent new affordability rules were introduced last year.
New research shows that 37% of buyers feel less in control of securing a home loan since the Mortgage Market Review (MMR) was launched in April 2014.
And 45% of those who planned to buy a property have failed to do so, as confusion continues over the reforms.
One in four say the MMR has directly hit their ability to buy a property, according to Experian's latest insight report The Mortgage Muddle, One Year after The MMR.
But many applicants are also failing to take basics steps, with almost half never checking their credit report, which means they have no idea how a lender might view their ability to repay money.
James Jones, head of consumer affairs at Experian, said: "Preparation is the key to successfully navigating the mortgage market post-MMR.
"Understanding the affordability rules and how a lender makes their decision is the key to success.
"But it can take time to build a positive credit history and a solid track record of positive money management, so it's important you start preparing as soon as you make the decision to buy."
Experian also found that of 1,500 respondents who either bought or planned to buy a property in the last year, 62% were not aware that lenders may require bigger deposits.
And 37% didn't recognise that lenders would now be more careful on whether they could afford repayments.
Also, 15% mistakenly believe that lenders have relaxed their lending criteria as a result of the MMR.
Guy Shone at financial services researchers ExplaintheMarket, said: "We're now one year on from the MMR and it seems many people remain stuck in a bit of a muddle.
"More needs to be done in 2016 to encourage personal financial planning and properly support aspiring home buyers, so that all buyers fully understand the rules of the game and stand the best chance of securing a property they can afford."
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