This is how long it will take a woman to save for a home compared to a man

What the gender pay gap means for women looking to buy a home

Gender pay gap - How much longer do women have to save for a house?

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New research reveals how much longer women will need to save for a deposit than a man, due to the gender pay gap.

Online Mortgage Advisor (opens in new tab) carried out research to uncover the knock-on effect of the gender pay gap on women and men entering the property market. The research found that it would take the average woman in full-time work nearly eight months longer than their male counterparts to afford their first home.

Gender pay gap - How much longer do women have to save for a house?

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Using ONS gender pay gap data the researchers found that there is a 10.68 per cent pay gap between the average man and woman in full-time work. This means that women are paid roughly £1.72 less per hour than men. That might sound like a small amount, but when saving up for a house it can make a bit difference.

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(Image credit: Future PLC)

It would take a man on an average salary of 6 years, 1 month and 22 days to save up for an 18 per cent deposit on a property worth £235,673. However, for women on an average salary, it would take an estimated 6 years, 9 months and 18 days.

Legal professionals were found to be the best paid jobs in the UK among women with an average hourly salary of £38.38. But even in this job, it would take a woman 3 months and 18 days longer for a deposit than their male counterparts, earning on average £42.18 an hour.

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(Image credit: Future PLC)

In the health and social service sector, were 79 per cent of the jobs are held by women, it would still take longer to save for a home. Online Mortgage Advisor found that women would need to save over 8 months longer than their male co-workers to get a foot on the property ladder.

Related: Virtual house viewings are the new norm, but would you put in an offer without stepping inside?

This shows just another way the gender pay gap is disadvantaging women.

Rebecca Knight
Rebecca Knight

Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.