Women more likely than men to dream of homeownership but less confident
Women in the UK are more likely than men to dream of owning their own home but are also less confident they will achieve this goal, a new study has found.
The First Time Buyer Index from Aldermore surveyed more than 1,000 prospective homebuyers in the UK. Nearly nine in ten women (87%) said they have previously dreamed about becoming a homeowner, compared to 71% of men.
Yet women are more likely to feel the goal of homeownership is unachievable – 68% of women hold this view, which is 11% higher than the figure among men.
Elsewhere the research showed that women (76%) are more likely than men (67%) to consider renting to be too expensive, while women are also more likely to see saving for a deposit as the biggest obstacle to buying a home (33% versus 20% of men).
At 26%, the proportion of women who believe they will apply for their first mortgage alone was much lower than among male respondents (39%).
Sue Hayes, managing director of retail finance at Aldermore, said: “It is concerning to see the barriers to home ownership having a greater impact on women. We need to address financial inequality in our society to help tackle gender disparities so that becoming a homeowner is achievable for all.
“The house buying journey is a stressful one and can feel very overwhelming for new homeowners. The industry needs to work together to provide a straightforward process and remove hurdles for all first-time buyers.”