Parents and social media platforms are both more popular as sources of advice and information among first-time buyers than estate agents, mortgage brokers and lenders, it has been revealed.

Lloyds Bank says its survey of some 2,000 prospective first-time buyers found that while just over a third turned to their mum and dad for advice, nearly a quarter turned to TikTok and Youtube while fewer turned to mortgage brokers, estate agents and lenders, particularly among the youngest getting on the property ladder.

The most youthful first-time buyers (18- to 24-year-olds) were the most reliant on social media – at 34% – with men most likely to use Youtube and women TikTok.

Worrying trend

Lloyds is clearly worried by this trend and its spokesperson Ola Majekodunmi suggests that first-time buyers should be wary of using just family and social media to gain home-moving know-how.

“Parents are often a huge source of reassurance – emotionally, practically and sometimes financially,” he says.

“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.”

Despite the wealth of information available, only 13% of first-time buyers said they fully understand the process of buying a home.

Read more about TikTok.