Men climb property ladder faster but women more prepared to make sacrifices

The Momentum UK Team 02 July 2012

Young men are more prepared for buying their first home than young women according to a study by The Post Office.

The report by Post Office Mortgages found that over a third (36pc) of the 18-34 year old men were looking to buy their own home in the near future compared to 32pc of women in the same age category. In addition to this, the report also highlighted that men also showed greater recognition of the financial provisions that are needed in order to finance home buying with men believing that they will need to find deposits of around 18 pc as opposed to women who feel that 14pc will suffice.

However in contrast with this, women are more willing to make sacrifices that may be necessary to own their home. Just a third (31pc) of young men would consider taking on a property that required redecoration work as men prefer to move into a home that is completely furnished already. Whereas nearly half of women (49pc) would happily take on a renovation project.

Material items for a property are also more important to men than they are women according to the report. 46pc of women would be happy to sacrifice furniture and other appliances if it meant that they could secure their dream home whereas only 33pc of men would go without the items that they desired.

41pc of the female respondents are keen to save for a mortgage as they believe that it is a much better means of using their money then paying out rent costs compared to just 33pc of men. Women are also more keen to stay closer to families and friends with just 21pc saying that they would move away from their loved ones in comparison to 33pc of men.

Millie Cooke, Head of Mortgages at The Post Office reflected:

“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.”

According to The Office For National Statistics in 2011, 64pc of men were living with their parents at the age of 20 as opposed to 46pc of women.

Cooke concluded:

“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.”

“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 per cent 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.”