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