Parents are the most trusted source of information for first-time buyers, research from Lloyds reveals.

The study of 2,000 prospective first-time buyers shows that the ‘knowledge bank of mum and dad’ now ranks above mortgage brokers, estate agents and lenders for the homebuying process.

Lloyds’ research found that 34% of prospective buyers say their parents are their first port of call for advice, ahead of 29% who would go to mortgage brokers, 28% prefer estate agents and 19% would go to lenders.

Meanwhile, it found that among 18- to 24-year-olds, 46% lean on parental guidance.

Research also reveals that TikTok is becoming a go to source of information for the youngest buyers.

Three in ten (31%) 18– to 24 year-olds are using the platform for homebuying insights, while YouTube is used by nearly a quarter (23%) across all ages.

The research shows that men are more likely to favour YouTube (33%), while women prefer TikTok (22%).

Of respondents, 31% say they don’t trust any social platform for homebuying guidance.

Lloyds suggests that while social media plays a role, uncertainty remains.

Data also shows that 25% of first-time buyers also receive financial help from parents, rising to 43% when wider family members are included.

This is higher than the 13% using government schemes such as Lifetime ISAs.

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

Lloyds money expert Ola Majekodunmi says: “Parents are often a huge source of reassurance – emotionally, practically and sometimes financially. But getting on the ladder can be complex, and it’s important to seek professional advice from home-buying experts too.”