Women take almost four years longer than men to get their foot on the housing ladder, as they face a steeper climb, new research from iPlace Global reveals.
The research found that on average, women waited 3.7 years longer than men to secure home ownership and 45% of women say their biggest anxiety is to be stuck renting for the rest of their life, compared to 39% of men.
iPlace Global said the average British male earns £38,061 a year, meaning he will need 7.3 times his annual salary to afford a home worth £278,120. In contrast, women earn on average £25,154, which would require 11.1 times the salary to buy the same property.
The affordability gap is even greater in the capital, with a female Londoner waiting 5.3 years longer than her male counterpart, rising to a staggering 23.9 years in Kensington and Chelsea.
Simon Bath, property expert and CEO of iPlace Global said the disparity, largely driven by the gender pay gap, has a huge influence on what prospective homebuyers are able to borrow. As a result, the majority of women are subsequently priced out of homeownership unless they accept external help.
Bath said: “While it has been documented extensively that the housing market is currently inaccessible for the majority of the British population – especially for first-time buyers – our data highlights that women face a much steeper ladder in comparison to men. This clearly emphasises just how anxiety inducing the property market is in the current climate, particularly for those looking to purchase bricks and mortar on their own.”
Bath warned that disparities between the sexes can become more prevalent during the cost-of-living crisis if they’re not addressed.
He added: “My hope is that alongside introducing new schemes which aim to help prospective homeowners secure a home, the government works proactively to even out the playing field and ensure that the gender gap in the housing market does not widen any further.”
[Main image: naomi-hebert-MP0bgaS_d1c-unsplash]
