Women take over 40% longer than men to save for first home
According to research from Go Compare, it takes the average first-time buyer a minimum of three years to save a deposit for a home.
This is based on average house price of £236,000 and average deposit of 10%, along with additional costs of moving houses, so first-time buyers need to save £26,305.
For men, it takes around 2.6 years and women it takes them 3.6 years, which the firm said was due to the gender pay gap.
The report said that women have an average of £602 per month of disposable income and men have around £856 per month.
This means that women are £250 worse off each month and it will take longer for them to save.
Gap closing but not quickly enough
However, Go Compare said that the ‘gender save gap’ was closing, as in 2021 it took women 50% longer to save for a home.
Ceri McMillan, home insurance expert at Go Compare, said: “Our latest research highlights the shocking impact that the gender pay gap can have on all areas of life for women, including the huge milestone of purchasing your first property.
“Although it’s positive to see that the gap is closing, it’s simply not happening at a quick enough rate. As a result, countless female first-time buyers will still find themselves at a disadvantage while trying to save up for a deposit and more.”