Parents are the most trusted source of guidance for first-time homebuyers in the UK, according to research from Lloyds Bank involving 2,000 prospective buyers.
The study found that 34% of respondents consult their parents first when navigating the homebuying process, compared with 29% who turn to mortgage brokers, 28% to estate agents, and 19% to lenders. Among 18-24-year-olds, the proportion seeking parental advice rises to 46%.
Social media influence grows
Social media platforms are increasingly being used for property purchasing guidance, particularly among younger buyers. TikTok is consulted by 31% of 18-24-year-olds for homebuying information, whilst YouTube is used by 23% across all age groups. The research identified gender differences in platform preferences, with 33% of men using YouTube and 22% of women using TikTok. However, 31% of all respondents stated they do not trust any social media platform for guidance.
Financial support patterns
Approximately 25% of first-time buyers receive direct financial assistance from parents, according to the data. When contributions from wider family members are included, this figure increases to 43%. By comparison, only 13% of respondents utilise government schemes such as Lifetime ISAs.
Despite the various sources of information available, just 13% of first-time buyers reported having a full understanding of the homebuying process.
Ola Majekodunmi, a money specialist at Lloyds, commented: “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.”
The bank has made online guides, expert-led sessions, and mortgage advice available through its First Time Buyer Hub.
The findings highlight the continued reliance on family networks for both advice and financial support in the UK property market, whilst also indicating the growing role of digital platforms in property research among younger demographics.