Parents are the most trusted source of information for prospective homeowners, according to new research from Lloyds Banking Group, with TikTok the source of choice for a third of young buyers.
The study of 2,000 prospective first-time buyers reveals 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 surveyed said 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.
TikTok is also becoming a go‑to source of information for the youngest buyers, with 31% of the 18–24‑year‑olds questioned saying they use the platform for home buying insights. YouTube is also popular, used by 23% across all ages.
Men are more likely to favour YouTube (33%), while women prefer TikTok (22%).
However, 31% of all respondents said they don’t trust any social platform for homebuying guidance.
Family support doesn’t stop at advice, the Lloyds survey found. A quarter (25%) of first-time buyers said they’d received 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.
But despite the wealth of information available, only 13% of first-time buyers said they fully understand the process of buying a home.
“Parents are often a huge source of reassurance – emotionally, practically and sometimes financially,” said Ola Majekodunmi, Lloyds money expert.
“But getting on the ladder can be complex, and it’s important to seek professional advice from home-buying experts too.”
