A striking shift in information-seeking behavior has emerged among prospective homebuyers, with parental guidance and digital platforms now outpacing traditional property professionals as primary sources of homebuying intelligence.
Research conducted by Lloyds Bank, encompassing approximately 2,000 aspiring first-time purchasers, reveals that while just over one-third seek counsel from their parents, nearly a quarter turn to video-based platforms like TikTok and Youtube for property market insights. This digital-first approach has resulted in mortgage brokers, estate agents, and lending institutions receiving comparatively less attention, with the trend most pronounced among younger demographic cohorts entering the housing market.
The youngest segment of first-time buyers—those aged 18 to 24—demonstrate the strongest reliance on social media channels, with 34% utilizing these platforms for homebuying research. Gender patterns also emerge in platform preference, with male buyers gravitating toward Youtube while female buyers favor TikTok.
Industry concerns mount
The banking institution has expressed concern regarding this pattern, with spokesperson Ola Majekodunmi cautioning prospective buyers against relying exclusively on familial networks and social media for property transaction guidance.
"While parents frequently provide invaluable support across emotional, practical, and occasionally financial dimensions," he notes.
"The complexities inherent in property acquisition necessitate consultation with qualified professionals who possess specialized expertise in residential transactions.
"We strongly advise first-time buyers to integrate family insights with professional advisory services. Our suite of digital resources, dedicated mortgage specialists, and tailored products—including low-deposit schemes and 'Lend a Hand' mortgage options—are specifically engineered to facilitate well-informed decision-making throughout the acquisition process."
The knowledge gap remains substantial despite abundant information availability, with merely 13% of first-time buyers reporting comprehensive understanding of the homebuying process.
Read more about TikTok.
The post First-time buyers 'trust TikTok more than they do estate agents' appeared first on The Negotiator.