Young men lead the way on to the UK property ladder
Over 36% of young men plan to buy a home in the near future, compared to 32 per cent of women. The general number of young people determined to get on the property ladder has also increased over the past year.
However, the study highlights that despite more young men saying they want to purchase a property, it is young women who are willing to take on DIY projects or make sacrifices to get on to the property ladder. Nearly half of the young women polled are happy to buy a house that needs redecorating compared to less than a third of young men.
Mike Cook, head of mortgages at the Post Office said: “Many young buyers have realised it is hard to find the ideal home which ticks every box, and as a result have continued to live with their parents for longer. Our research also shows it is younger women who are willing to compromise to get onto the housing ladder. Whilst young men prefer to buy their new “bachelor pad” completely furnished, young women are happy to take on a DIY project.”
Likewise women are happier to forego buying new furniture and appliances if it means that they can get on to the property ladder and own their first property.
Cook continued: “However, all first time buyers need to make sure they don’t compromise on getting the right mortgage to help them get on the property ladder. A 10% deposit is the minimum they should be aiming to save, and it’s a good idea to look at all features, including the amount you can borrow, as there is still a wide variance in the market. Additionally, look at the longer term value by making sure the rate once the ‘fixed’ period is over is affordable and transparent.”
For 41% of financially savvy women one of the top reason they are looking to buy a property is they feel mortgage payments are a better use of their money than renting, compared to 33 per cent of men. Both groups also state independence as one of the main drivers for getting onto the property ladder.
Despite more young men wanting to get on to the property ladder, a recent report from building society Halifax highlights the general trend of more homeownership among women in general than men. Women are also likelier to own their property outright, compared to men who buy with a mortgage.
Martin Ellis, economist at Halifax, said: “Whilst the economic and financial differences between men and women have narrowed in recent years, significant variations persist. Some of these, such as higher homeownership amongst women, can partly be explained by demographic factors such as the greater number of older women compared with men.
However women still remain generally more pessimistic about their prospects of owning their own home.