Younger buyers also use TikTok and YouTube for guidance, but confidence in social media stays low
Mortgage brokers are consulted less often than parents by prospective first-time buyers seeking help with buying a home, according to research published by Lloyds.
The bank said its survey of 2,000 would-be first-time buyers found parents were the most common first port of call, ahead of mortgage brokers, estate agents and lenders. Overall, 34% said they would turn to their parents first, compared with 29% who would seek guidance from a mortgage broker, 28% from an estate agent and 19% from a lender. Reliance on parents was higher among younger adults, with 46% of those aged 18 to 24 naming parents as their first choice.
The findings also pointed to growing use of social media for homebuying information among younger buyers. Lloyds said 31% of 18- to 24-year-olds use TikTok for homebuying insights, while YouTube was used by 23% of respondents across all age groups. Men were more likely to favour YouTube (33%), while women were more likely to use TikTok (22%).
Despite this, Lloyds reported continued caution about social media platforms, with 31% of respondents saying they do not trust any social media channel for guidance on buying a home.
Family support extended beyond advice, the bank said. A quarter of first-time buyers reported receiving financial help from parents, rising to 43% when support from wider family members was included. By comparison, 13% said they use government schemes such as Lifetime ISAs.
Lloyds also said understanding of the process remained limited, with only 13% of first-time buyers saying they fully understand how to buy a home.
“Parents are often a huge source of reassurance – emotionally, practically and sometimes financially,” said Ola Majekodunmi, money expert at Lloyds. “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.”
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