The Inside Edge
New research is showing that more women than men are currently looking to buy their first property. Almost two million women are setting this trend and looking to get on the housing ladder in the immediate future.
The study, published by Post Office Mortgage, reveals that some 1.8 million young women between the ages of 18 and 24 are applying for mortgages and are on average a year younger than their male counterparts. Also, there are significant regional differences in the data. For example, women looking to buy a property in Sunderland are, on average, nine years younger than men buying in the same area. Women buying in Hereford are seven years younger and in Slough and Leicester, they are six years younger.
Another question posed to these property hungry ladies was what they would be prepared to sacrifice in order to clamber onto the property ladder. 37% of women said they would be most happy to forego buying a property in a trendy area. However, security was one area that they were least likely to compromise on with only 17% saying they would be happy to live in an area in which they felt less safe.
The men surveyed, on the other hand, said they would be more willing to sacrifice the availability of outside space or being in a family area. 23% of women said they would be happy to compromise on proximity to a city centre whilst 31% of men said the same.
And when it comes to the financial aspects of buying a property, 50% of women said investing in property now would ensure they were more financially secure. Almost half of those surveyed said that mortgage repayments are a much better use of their money than if they were to rent a property.
‘Our research shows that female first time buyers are happy to compromise on the more superficial aspects of property ownership because they see buying a home as a financial investment in their future,’ said Mike Cook, Post Office head of Mortgages.
‘First time buyers, be they female or male, must make sure they choose the right mortgage to help them get their feet on the first rung of the property ladder. A 10% deposit is the minimum they should be aiming to save and they must look carefully at the long term value of the deal they sign up for to make sure they don’t get stung with any unexpected fees or rate hikes once the fixed period is over,’ he explained.
He went on to say that the Post Office has recently slashed many of its rates across its fixed rate, tracker, and buy to let mortgage products. They have also launched a new range of fee assisted mortgage products. The good news for first time buyers is that these products are best suited to those looking for a higher loan to value. Good news whether you are male or female and looking to take that first step into the property market!