A striking shift in information-seeking behavior has emerged among prospective homebuyers, with family members and digital platforms now outpacing traditional property professionals as primary sources of guidance.
Research conducted by Lloyds Bank, encompassing approximately 2,000 aspiring homeowners, reveals that while parental counsel remains the leading resource—consulted by just over one-third of respondents—social video platforms including TikTok and YouTube have captured nearly a quarter of the market. This digital preference notably exceeds engagement rates with mortgage specialists, property agents, and financial institutions, particularly among younger demographics entering the housing market.
The demographic analysis shows pronounced platform adoption among 18- to 24-year-olds, with 34% leveraging social media channels for property guidance. Gender-based preferences emerged clearly, with male buyers gravitating toward YouTube content while female buyers predominantly utilized TikTok resources.
Worrying trend
The financial institution has expressed concern regarding this emerging pattern, with representative Ola Majekodunmi cautioning against over-reliance on informal information channels when navigating property acquisition.
"Parental involvement typically provides invaluable support across emotional, logistical, and occasionally financial dimensions," he notes.
"However, the complexities inherent in property acquisition necessitate consultation with qualified industry professionals.
"We strongly advise first-time buyers to integrate familial insights with specialized expertise. Our comprehensive suite of digital resources, dedicated mortgage consultants, and tailored financial products—including reduced-deposit options and 'Lend a Hand' mortgage schemes—are specifically engineered to facilitate well-informed decision-making throughout the acquisition process."
The research further highlights a significant knowledge gap, with merely 13% of prospective buyers reporting comprehensive understanding of the home purchasing process, despite abundant information availability across multiple channels.
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