The desire for homeownership for people in the UK is stronger in women than men, but they also have less confidence that they’ll ever achieve it, according to a new study.
Indeed, more than 1,000 prospective homebuyers in the UK were surveyed by the First Time Buyer Index from Aldermore, and it revealed that 87% of women harbour ambitions to buy their own home, while 71% of men share the same goal.
However, 68% of women also believe that their goal is ultimately unachievable, while 79% of men believe that homeownership will be within their grasp in the future.
The research also showed that women are more likely to be of the opinion that renting is too costly, at 76%, while 67% of men agree with this stance. Meanwhile, women are also more likely to see their biggest obstacle being the task of saving for a deposit at 33%, while 20% of men agree.
Additionally, 39% of men believe they’ll be on their own if and when they apply for their first mortgage, while this figure is much lower for female respondents at 26%.
“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,” said Sue Hayes, managing director of retail finance at Aldermore
“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,” she added.