Parents are the most trusted source of information for those taking their first step onto the property ladder, new research from Lloyds reveals.
The study of 2,000 prospective first-time buyers has revealed the ‘knowledge bank of mum and dad’ now ranks above mortgage brokers, estate agents and even lenders when it comes to navigating the homebuying process.
A third (34%) of prospective buyers say their parents are their first port of call for advice – ahead of mortgage brokers (29%), estate agents (28%) and lenders (19%). Among 18–24-year-olds, almost half (46%) lean on parental guidance.
Social media becoming a go-to source
TikTok is also becoming a go to source of information for the youngest buyers, with three in ten (31%) 18–24 year olds using the platform for homebuying insights. YouTube is also popular, used by nearly a quarter (23%) across all ages.
Men are more likely to favour YouTube (33%), while women prefer TikTok (22%).
Still, almost a third (31%) of all respondents say they don’t trust any social platform for homebuying guidance – suggesting that while social media plays a role, uncertainty remains.
Family support doesn’t stop at advice. A quarter (25%) of first-time buyers receive financial help from parents, rising to 43% when wider family members are included – far higher than the 13% using government schemes such as Lifetime ISAs.
Despite the wealth of information available, only 13% of first-time buyers say they fully understand the process of buying a home.
Ola Majekodunmi, money expert 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.
“We encourage first-time buyers to combine family wisdom with expert guidance."
