FTBs 'turn to family for advice'

New homebuyers are likely to turn to friends and family for advice on buying their house and getting a first-time buyer mortgage, according to research.

A survey by Abbey reveals that 23 per cent of first-time buyers (FTBs) consulted the people close to them for advice on the housing market, compared to 13 per cent who relied on mortgage brokers.

The trend does appear to have changed with time, however, with 28 per cent of people aged 25-34 saying they consulted a broker for advice when they bought their first home, compared to only two per cent of owners now aged over 65.

Some 29 per cent of owners aged 25-34 sought advice from banks or building societies on buying a house, only slightly more than the proportion who consulted brokers.

Ricky Okey, managing director of Abbey for Intermediaries, said: "The results show some promising signs for the future with a shifting attitude of young first-time buyers who are waking up to the benefits of seeking advice from intermediaries.

"Thirteen per cent of first-time buyers used a broker for advice, suggesting brokers have a great opportunity to engage with them, something Abbey's first-time buyer range of products can help develop."

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