Two thirds of first-time buyers relying on parents or TikTok for homebuying advice

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."