diff --git a/spring-boot/src/main/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessor.java b/spring-boot/src/main/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessor.java
index dd4876b8d6..b92460dc69 100644
--- a/spring-boot/src/main/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessor.java
+++ b/spring-boot/src/main/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessor.java
@@ -18,6 +18,7 @@ package org.springframework.boot.context.properties;
 
 import java.io.IOException;
 import java.util.Iterator;
+import java.util.Map;
 
 import org.springframework.beans.BeansException;
 import org.springframework.beans.factory.BeanCreationException;
@@ -203,15 +204,10 @@ public class ConfigurationPropertiesBindingPostProcessor implements BeanPostProc
 	}
 
 	private PropertySources deducePropertySources() {
-		try {
-			PropertySourcesPlaceholderConfigurer configurer = this.beanFactory
-					.getBean(PropertySourcesPlaceholderConfigurer.class);
-			PropertySources propertySources = configurer.getAppliedPropertySources();
+		PropertySourcesPlaceholderConfigurer configurer = getSinglePropertySourcesPlaceholderConfigurer();
+		if (configurer != null) {
 			// Flatten the sources into a single list so they can be iterated
-			return new FlatPropertySources(propertySources);
-		}
-		catch (NoSuchBeanDefinitionException ex) {
-			// Continue if no PropertySourcesPlaceholderConfigurer bean
+			return new FlatPropertySources(configurer.getAppliedPropertySources());
 		}
 
 		if (this.environment instanceof ConfigurableEnvironment) {
@@ -224,6 +220,20 @@ public class ConfigurationPropertiesBindingPostProcessor implements BeanPostProc
 		return new MutablePropertySources();
 	}
 
+	private PropertySourcesPlaceholderConfigurer getSinglePropertySourcesPlaceholderConfigurer() {
+		// Take care not to cause early instantiation of all FactoryBeans
+		if (this.beanFactory instanceof ListableBeanFactory) {
+			ListableBeanFactory listableBeanFactory = (ListableBeanFactory) this.beanFactory;
+			Map<String, PropertySourcesPlaceholderConfigurer> beans = listableBeanFactory
+					.getBeansOfType(PropertySourcesPlaceholderConfigurer.class, false,
+							false);
+			if (beans.size() == 1) {
+				return beans.values().iterator().next();
+			}
+		}
+		return null;
+	}
+
 	private <T> T getOptionalBean(String name, Class<T> type) {
 		try {
 			return this.beanFactory.getBean(name, type);
diff --git a/spring-boot/src/test/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessorTests.java b/spring-boot/src/test/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessorTests.java
index 58367b127f..9ef038defe 100644
--- a/spring-boot/src/test/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessorTests.java
+++ b/spring-boot/src/test/java/org/springframework/boot/context/properties/ConfigurationPropertiesBindingPostProcessorTests.java
@@ -21,8 +21,13 @@ import javax.validation.constraints.NotNull;
 
 import org.junit.After;
 import org.junit.Test;
+import org.springframework.beans.BeansException;
 import org.springframework.beans.factory.BeanCreationException;
+import org.springframework.beans.factory.FactoryBean;
+import org.springframework.beans.factory.InitializingBean;
 import org.springframework.beans.factory.annotation.Value;
+import org.springframework.beans.factory.support.AbstractBeanDefinition;
+import org.springframework.beans.factory.support.GenericBeanDefinition;
 import org.springframework.boot.test.EnvironmentTestUtils;
 import org.springframework.context.annotation.AnnotationConfigApplicationContext;
 import org.springframework.context.annotation.Bean;
@@ -36,8 +41,10 @@ import org.springframework.validation.Validator;
 
 import static org.hamcrest.Matchers.equalTo;
 import static org.junit.Assert.assertEquals;
+import static org.junit.Assert.assertFalse;
 import static org.junit.Assert.assertNotNull;
 import static org.junit.Assert.assertThat;
+import static org.junit.Assert.assertTrue;
 import static org.junit.Assert.fail;
 
 /**
@@ -161,6 +168,26 @@ public class ConfigurationPropertiesBindingPostProcessorTests {
 				.getFoo(), equalTo("${fooValue}"));
 	}
 
+	@Test
+	public void configurationPropertiesWithFactoryBean() throws Exception {
+		ConfigurationPropertiesWithFactoryBean.factoryBeanInit = false;
+		this.context = new AnnotationConfigApplicationContext() {
+			@Override
+			protected void onRefresh() throws BeansException {
+				assertFalse("Init too early",
+						ConfigurationPropertiesWithFactoryBean.factoryBeanInit);
+				super.onRefresh();
+			}
+		};
+		this.context.register(ConfigurationPropertiesWithFactoryBean.class);
+		GenericBeanDefinition beanDefinition = new GenericBeanDefinition();
+		beanDefinition.setBeanClass(FactoryBeanTester.class);
+		beanDefinition.setAutowireMode(AbstractBeanDefinition.AUTOWIRE_BY_TYPE);
+		this.context.registerBeanDefinition("test", beanDefinition);
+		this.context.refresh();
+		assertTrue("No init", ConfigurationPropertiesWithFactoryBean.factoryBeanInit);
+	}
+
 	@Configuration
 	@EnableConfigurationProperties
 	public static class TestConfigurationWithValidatingSetter {
@@ -351,4 +378,38 @@ public class ConfigurationPropertiesBindingPostProcessorTests {
 
 	}
 
+	@Configuration
+	@EnableConfigurationProperties
+	public static class ConfigurationPropertiesWithFactoryBean {
+
+		public static boolean factoryBeanInit;
+
+	}
+
+	@SuppressWarnings("rawtypes")
+	// Must be a raw type
+	static class FactoryBeanTester implements FactoryBean, InitializingBean {
+
+		@Override
+		public Object getObject() throws Exception {
+			return Object.class;
+		}
+
+		@Override
+		public Class<?> getObjectType() {
+			return null;
+		}
+
+		@Override
+		public boolean isSingleton() {
+			return true;
+		}
+
+		@Override
+		public void afterPropertiesSet() throws Exception {
+			ConfigurationPropertiesWithFactoryBean.factoryBeanInit = true;
+		}
+
+	}
+
 }