According to research conducted by Post Office Mortgages, young men are currently keener than young women to enter the property market. Their latest report revealed that 36% of young male respondents were planning to buy a home in the near future, compared with 32% of young women.
However, the survey also found that young women are prepared to make more sacrifices and compromises in order to buy their own home.
Mike Cook, head of Mortgages at the Post Office, commented: “Many young buyers have realised it is hard to find the ideal home which ticks every box, and as a result have continued to live with their parents for longer. Our research also shows it is younger women who are willing to compromise to get onto the housing ladder. Whilst young men prefer to buy their new bachelor pad completely furnished, young women are happy to take on a DIY project.”
The Post Office surveyed 18-34 year-olds regarding their intentions towards future living arrangements. They found that 34% of all those surveyed confirmed their commitment to purchasing their own home in the near future.
Young men are more enthusiastic about buying property and also expect to have to save a larger deposit. Surprisingly enough, some 41% of young women confirmed that they believe mortgage payments represent a wiser use of their money than renting, compared to 33% of young men. Meanwhile, some 28% of young men and 21% of young women gave independence as their primary reason for wishing to enter the property market.
Some 49% of women said they were happy to buy a home in need of redecoration, compared to just under a third of young men. The report also found that 46% women are willing to do without new furniture and appliances, compared with 33% of men.
Some 33% of men are willing to move away from friends in order to owe their own home, compared with 21% of women.
Cook went on to reinforce the importance of choosing the right mortgage: “All first time buyers need to make sure they don’t compromise on getting the right mortgage to help them get on the Property Ladder. At Post Office, we want to assist first time buyers and home movers with their mortgage and re-mortgage needs. A 10% deposit is the minimum they should be aiming to save, and it’s a good idea to look at all features, including the amount you can borrow, as there is still a wide variance in the market.”
Source: Post Office Mortgages.