First-Time Buyers Lean on ‘Mum and Dad’ Expertise – and TikTok – for Homebuying Tips

Why It Matters

Family influence and social media are reshaping how new buyers gather advice, forcing lenders to adapt outreach and education strategies.

Key Takeaways

• 34% first‑time buyers consult parents first.
• 46% of 18‑24‑year‑olds rely on parental advice.
• TikTok guides 31% of young buyers; YouTube 23% overall.
• 25% receive financial help; 43% with extended family.
• Only 13% fully understand home‑buying process.

Pulse Analysis

The latest Lloyds Bank research highlights a generational shift in home‑buying guidance, where traditional expertise from parents eclipses professional advisers. For millennials and Gen Z, the "knowledge bank" of mum and dad provides both emotional reassurance and practical insight, especially as many still lack confidence in navigating mortgages, legal steps, and market dynamics. This reliance underscores a broader trend: familial financial support is becoming a cornerstone of first‑time purchases, with one‑quarter of buyers receiving direct cash assistance and nearly half tapping extended family resources, dwarfing the uptake of government‑backed schemes like Lifetime ISAs.

Concurrently, digital platforms are emerging as secondary, yet influential, information channels. TikTok, with its short‑form video format, captures 31% of 18‑24‑year‑old buyers seeking home‑buying tips, while YouTube remains a go‑to source for 23% across all ages. These platforms democratize access to anecdotal experiences and quick advice, but the same survey reveals a 31% distrust rate for any social media guidance. Lenders and fintech firms must therefore balance the appeal of influencer‑driven content with rigorous, compliant education to avoid misinformation and protect brand integrity.

For the industry, the data signals a clear mandate: integrate family‑centric messaging and digital outreach into mortgage products and advisory services. Banks can leverage the trust placed in parents by offering co‑borrower tools, transparent financial education, and easy‑to‑share resources that families can discuss together. Meanwhile, a strategic presence on TikTok and YouTube—featuring certified experts rather than generic influencers—can capture the attention of younger buyers while reinforcing credibility. By aligning traditional support structures with modern content consumption habits, lenders can improve buyer confidence, reduce the knowledge gap, and ultimately drive higher conversion rates in a competitive market.