"We need to address financial inequality in our society to help tackle gender disparities so that becoming a home owner is achievable for all."
Women in the UK are more likely to have dreamt about homeownership than men but are less likely to feel that these goals are achievable, according to research from Aldermore.
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.”