"We need to address financial inequality in our society to help tackle gender disparities so that becoming a home owner is achievable for all."
Its survey found that nearly nine out of ten women (87%) hope to become a homeowner, compared to 71% of men, but 68% feel that their dream is unachievable, compared to 57% of men.
Women are also more likely to see saving for a deposit as the biggest obstacle to buying a home (33% vs 20% of men).
The gender pay gap stood at 8.6% among full-time employees in 2018, and research from Coreco shows this has led to the average earnings of a female first applicant totalling just 65% of the average male applicant’s income.
Women are also less likely to foresee applying for their first mortgage alone (26% vs 39% of men). The UK Women’s Budget Group estimates that at present women are the ‘household reference person’ in only 31% of cases where someone is buying with a mortgage, according to the most recently available Census data.
Women looking to raise a deposit appear to value their independence with 38% saying they would not consider living with family to help save for a deposit, compared to 28% of men. Alongside this, the Bank of Mum and Dad is of less assistance with 23% of women saying they will raise a deposit with family help compared to 28% of men, and 12% with help of inheritance compared to 16% of men.
Sue Hayes, managing director of retail finance at Aldermore, said: “It is concerning to see the barriers to home ownership having a greater impact on women. We need to address financial inequality in our society to help tackle gender disparities so that becoming a home owner is achievable for all.
“The house buying journey is a stressful one and can feel very overwhelming for new homeowners. The industry needs to work together to provide a straightforward process and remove hurdles for all first time buyers. At Aldermore, we offer a variety of product choices and personal service to give first time buyers the best possible options in a challenging market.”
