OnlineMortgageAdvisor analysed Office for National Statistics data to discover just how much the gender pay gap in the UK affects women’s chances of buying their first home.
If both genders were to save 20% of their annual salary each year to reach an 18% deposit for the average home, women would be forced to save for almost eight months longer than men.
On average, full-time working women aged 30-39 earn £16.13 per hour whilst men earn £17.85 per hour - 10.68% more. The average price of a home in the UK is £253,673, and the average first-time buyer pays an 18% deposit (£42,421.14).
Therefore women must work for 6 years, 9 months and 18 days whilst men work for 6 years, 1 month and 22 days to afford the 18% deposit. This leaves the average full-time working woman working for 7 months and 27 days longer to save for the required £42,421.14.
The research shows that the biggest pay gap is 46.9%, with women working in carpentry and joining earning only £6.96 per hour, compared to their male counterparts who earn £13.10. Due to this, female carpenters and joiners must work a whopping 7 years, 4 months and 19 days longer in order to save for their first home.
Financial institution managers and directors follow in second place, with a 32.8% pay gap between men (£29.23 p/h) and women (£19.63 p/h). This difference in pay means that women working in this industry have to save for 1 year, 10 months and 1 day longer than men in the same job.
Women who work in the assembling of vehicle and metal goods have a 30.4% pay gap in the male-dominated industry, earning an average of £10.18 hourly. As male co-workers earn £14.63 per hour, women in the same role must work for 3 years, 3 months and 10 days longer to afford the 18% deposit on their first home.
Although the majority of jobs in the health & social services sector are held by women (79%), they must still save for over eight months longer than their male co-workers for a home.
Women make up 79% of all jobs in the health and social services sector, but managers and directors earn 14.8% less than their male counterparts – leaving women in this job to save for 8 months and 11 days longer.
The wholesale and retail trade are also popular among women, accounting for 14% of all jobs held. However, among sales and retail assistants the gender pay gap stands at 4.4%, meaning they have to work for 6 months and 15 days more to afford a deposit.
