UK first-time buyers are turning to social media platforms as a source of advice and guidance when it comes to homeownership, research from Wayhome has revealed.
A survey by the firm, conducted among 1,033 first-time buyers aged between 18 and 35 who have purchased a home in the last year, asked homebuyers about their use of social media during the initial purchase and ongoing ownership of their property.
The results revealed that 25% of respondents stated they had used a social media platform for advice during the initial process of purchasing a property. The most popular platform in this respect was Facebook, followed by Instagram and then TikTok, with the most common area of advice sought by first-time buyers being the time it takes to purchase a home.
First-time buyers also utilised social media most frequently to seek advice on how to go about their initial property search, the costs incurred when buying a home, how to make an offer on a property and how to hire a solicitor or conveyancer.
The survey by Wayhome also revealed that once they had achieved homeowner status, 84% of first-time buyers utilised social media for guidance, advice and hacks on homeownership. In this instance, TikTok was the most popular platform, with Facebook and Instagram again proving popular.
Wayhome is a gradual homeownership provider that operates a part-buy part-rent model that allows people to buy a home worth up to 10 times their household income, with just a 5% deposit and no mortgage or borrowing required.
Commenting on the research, the firm’s co-founder and CEO, Nigel Purves, said: “Social media can be a great resource of information, guidance, hints, tips and hacks and so it’s no surprise that the nation’s first-time buyers are turning to the likes of TikTok, Facebook and Instagram when embarking on the path to homeownership for the first time.
“Having grown up using social media, it’s a natural resource for them to use, helping them to easily navigate the otherwise daunting prospect of purchasing their first home.
“Of course, it can be a source of fake news and so it’s important that when seeking advice, you do it from verified sources and profiles. The good news is that there are a host of bona fide property professionals from across the sector providing informative and accurate information across social media, helping you to get ahead of the game when purchasing your first home.
“You should also find this is the case when it comes to actually buying but not all agents will offer the same degree of expertise and advice.”
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