First-time buyers are increasingly turning to social media platforms such as TikTok as a source of guidance, a study has revealed.
Wayhome surveyed first-time buyers aged 18 to 35 to have purchased a home in the last year, and found 25% of respondents had used a social media platform for advice during the initial process.
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.
Social media was also frequently used to seek advice on how to go about the 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 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.
In terms of the most searched subject matters, decorating hacks ranked top, followed by general DIY hacks, gardening advice, how to reduce costs, and how to maximise space.
According to Nigel Purves, CEO of Wayhome, the 18 to 35 age group has grown up using social media so “it’s a natural resource for them to use, helping them to easily navigate the otherwise daunting prospect of purchasing their first home”.
He added: “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 bonafide property professionals from across the sector providing informative and accurate information across social media.”
