Women need over 40% longer than men to save for a first home, new research from Go Compare Home Insurance has shown.
According to the findings, it takes the average first-time buyer a minimum of three years to save enough to buy a home. However, the gender pay gap means male first-time buyers could save for a house in just 2.6 years, while it will take female savers 3.6 years.
Average first-time buyer house prices hit a record £236,000 in April 2023, with an average deposit of 10% requiring people to save £23,668. When combined with the additional costs of moving house, first-time buyers need to have a total of £26,305 saved up, the insurance comparison site said.
Calculations by Go Compare showed that young women have an average of £602 in disposable income per month, compared to £856 for men, meaning they will need far longer to save the same amount.
However, the research has shown that the ‘gender save gap’ is slowly closing. In 2021, Go Compare found that it would take women 50% longer than men to save, compared to 42% today.
Ceri McMillan, home insurance expert at Go Compare, said: “Our latest research highlights the shocking impact that the gender pay gap can have on all areas of life for women, including the huge milestone of purchasing your first property.
“Although it’s positive to see that the gap is closing, it’s simply not happening at a quick enough rate. As a result, countless female first-time buyers will still find themselves at a disadvantage while trying to save up for a deposit and more.”
[Main image: roberto-nickson-q9nZUFC1nTw-unsplash]
