Getting on the property ladder can be hard enough, without throwing any additional hurdles into the mix.
Help for first-time buyers: First-time home buyer guide – how to get on the property ladder for the first time
But now new research from Compare My Move has revealed that female buyers in search of their first-home are facing a bigger challenge when it comes to putting together their house deposit when compared to their male counterparts, and it’s all down to a gulf in pay between the genders.
The comparison site looked at the gender pay gap for 22 to 29-year-olds across every region of Britain, and found that there were 13 towns and cities where female first-time buyers will need to spend an extra 12 months or more saving for a deposit compared to male first time buyers.
The top five worst culprits are listed below, and surprisingly the capital doesn’t top the list.
|Area||Avg 10 per cent deposit||Time to save (Male)||Time to save (Female)||Difference in Time||Monthly Savings Gap|
|Cambridge||£37,196||7 Years and 11 Months||11 Years and 9 Months||3 Years and 10 Months||£130|
|Oxford||£36,145||7 Years and 4 Months||10 Years and 4 Months||3 Years||£120|
|Slough||£27,146||5 Years and 11 Months||7 Years and 11 Months||2 Years||£92|
|London||£41,374||6 Years and 4 Months||8 Years and 2 Months||1 Years and 10 Months||£123|
|Brighton and Hove||£31,624||5 Years and 5 Months||7 Years and 2 Months||1 Years and 9 Months||£120|
Still, it’s not all doom and gloom as the research also went on to reveal the areas where the gender pay gap is small.
Of the top five below, three are in Scotland and two are in Wales.
|Area||Avg 10 per cent Deposit||Time to Save (Male)||Time to Save (Female)||Difference||Monthly Savings Gap|
|Dundee||£10,667||1 Years and 3 Months||1 Years and 4 Months||1 Month||£40|
|Aberdeen||£12,975||2 Years and 1 Month||2 Years and 3 Months||2 Months||£40|
|Glasgow||£12,136||1 Years and 8 Months||1 Years and 10 Months||2 Months||£40|
|Swansea||£13,177||2 Years and 3 Months||2 Years and 6 Months||3 Months||£57|
|Newport||£15,610||2 Years and 7 Months||2 Years and 10 Months||3 Months||£57|
Commenting on the research findings, Compare My Move co-founder Dave Sayce said: ‘Our latest research shows the struggle faced by first time buyers to get together a deposit is intensified by the gender pay gap.
‘Females are most affected in areas of high living and renting costs, where the expendable income available to young savers is seriously squeezed. When coupled with high house prices, the pay gap compounds the issues faced by all first time buyers.’
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What’s your reaction to the research results?