According to a Lloyds survey of 2,000 prospective first-time buyers, 34% look to their parents for information about the home buying process, while 29% turn to mortgage advisers. Some 19% seek guidance from estate agents and 19% look to lenders.
Among 18-24-year-olds, nearly half – 46% – depend on their parents for knowledge about the home buying process.
Younger buyers also go to social media for information, with 31% of those aged between 18 and 24 finding out how to buy a home from TikTok. YouTube is also a valued source, relied upon by 23% of respondents across all ages.
Lloyds found a slight gender split in which social media platform was preferred, with a third of men more likely to use YouTube compared to 22% of women.
Despite this, 31% of respondents were sceptical of social media and would not trust these platforms for home buying guidance.
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Ola Majekodunmi, money expert at Lloyds, said: “Parents are often a huge source of reassurance… but professional advice, from home buying experts, really matters too.”
First-time buyer reliance on financial support
A quarter of first-time buyers have received financial support from parents, while this proportion rises to 43% when support from wider family members is included. Lloyds found this was significantly higher than the 13% who use government schemes such as the Lifetime ISA (LISA).
First-time buyers have a general lack of insight about buying a home, as just 13% said they fully understood the process.
Majekodunmi said: “Parents are often a huge source of reassurance – emotionally, practically and sometimes financially. But getting on the ladder can be complex, and it’s important to seek professional advice from home buying experts too.
“We encourage first-time buyers to combine family wisdom with expert guidance. Our online tools, mortgage advisers and products, such as low-deposit and ‘Lend a Hand’ mortgages, are all designed to help people make informed decisions with confidence.”
