Abbey has launched a new website after research showed that most young people are more likely to seek advice from friends and family than a bank or building society when it comes to buying a home.
The study by the Bank showed that 17 per cent of 16 to 34-year-olds looking for the best mortgage rate turned to family and friends for tips, whereas only 13 per cent sought help from a financial institution.
In response, Abbey has sought to tap in to the experiences of recent first-time buyers by launching www.thewordonyourstreet.co.uk, which contains a forum for people to share experiences of navigating their way round the housing market.
Nici Audhlam Gardiner, product executive for mortgages at Abbey, said the site would help people “better understand” the house-buying process.
He added: “Our research shows that people are increasingly going online to research buying their home. Through setting up this community we are creating an invaluable reference for first-time buyers.”
The launch of the site has come just as the government has launched a new initiative to help first-time buyers get a foot on the housing ladder.
English Partnerships will run the First Time Buyer’s Initiative, which will provide 15,000 affordable new homes exclusively for first-time buyers.
© Adfero Ltd