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How Does Being Female Impact Your Place in the Property Market?

Our research has shown how women are less likely to own their own home versus men, and are more likely to live within close proximity of their hometowns, parents and place of work.

Mar 08, 2022

How Does Being Female Impact Your Place in the Property Market?

Our research has shown how women are less likely to own their own home versus men, and are more likely to live within close proximity of their hometowns, parents and place of work.

Our previous research highlighted the huge gap in gender house price affordability as a result of the imbalance in pay between the average man and women, meaning women are facing a far longer and harder task when it comes to saving for, and paying off a property purchase.

The research found that:

  • With an annual gross income of £38,061, the average British male requires 7.3 times their annual salary in order to cover the current average property price of £278,120.
  • In contrast, the average British female requires 11.1 times her average annual income of £25,154 to cover the same property cost, almost four years more than her male homebuying counterpart (3.7).
  • London is predictably home to the largest gender house price affordability gap. The average London male would require 10.3 times their current annual gross earnings to cover the cost of a London property (£521,146), while for a female homebuyer this climbs to 15.6 - a gap of 5.3 years.
  • The South East (5.2), South West (5.1) and East of England (5) are also home to a gender house price affordability gap of five times annual salary or more.
  • Even in the North East where this gap is at its smallest, the average female still requires almost two years (1.8) additional earnings to cover the cost of a property versus the earnings required from a male homebuyer.

Previous data has also highlighted how this gender imbalance translates to homeownership, with 60% of those who outright own their homes being male, with men also accounting for 67% of homeowners with a mortgage.

This disparity is also clear in the rental sector where just 40% of private renters were women. However, when it comes to social renters, women account for 58% versus 42% being male.

But it’s not just how we get by in the property market that can be influenced by gender but also where we choose to do it.

We found that 42% of women live within one to four miles of their parents versus just 29% of males.

38% of women also live within one to four miles of their hometown versus 31% of males.

Finally, 60% of women live within one to four miles of their workplace versus 48% of men.

Athena Hubble, Managing Director of Boomin, says:

“Fortunately I’ve been able to purchase properties but there are so many females out there who struggle to get on the property ladder.

The gender pay gap is a significant mismatch that women are reminded of every time they receive their monthly payslip, and it stretches beyond the workplace into other areas of life.

Our purchasing power within the property market is certainly one of those areas, and the disparity in pay between men and women has a huge influence on what we are able to borrow. As a result, many women are priced out of homeownership unless they accept that the only path in achieving it is with a significant other.”

Michael Bruce, CEO and Founder of Boomin, says:

“The financial barrier to homeownership has grown significantly in recent times and it continues to do so, as aspirational buyers push for this coveted status in a market where stock levels are simply insufficient.

This struggle isn’t gender specific and for many, getting a foot on the ladder is only made possible with the help of a parent, or as a combined effort with a partner.

However, this shouldn’t detract from the fact that there is a huge gap when it comes to the individual purchasing power of both men and women and this comes as a direct consequence of the gender pay gap found across society.”

Data

Consumer research survey conducted by FindOutNow on behalf of Boomin and surveyed 2,525 UK men and women with a 50/50 split in sample gender.