Lads on the ladder
Young men are now leading the way in the UK housing market with over a third (36 per cent) planning to buy a home in the near future, compared to 32 per cent of women, according to Post Office Mortgages.
Overall, the latest results reveal that 34 per cent of all 18-34 year olds say they are committed to buying a property in the near future - this has increased significantly since last year.
On average, young men are not only keener to buy but they also expect to save more of a deposit - 18 per cent compared to women who anticipate they will save a 14 per cent deposit.
For 41 per cent of financially savvy women the top reason they are looking to buy a property is they feel mortgage payments are a better use of their money than renting, compared to 33 per cent of men. Interestingly, over a quarter (28 per cent) of young men and a fifth (21 per cent) of young women also cite independence as one of their main drivers for getting onto the property ladder.
Whilst more young men say they want to purchase a property, the report reveals it is young women who are willing to make sacrifices to own a home. Nearly half (49 per cent) of young women say they are happy to buy a house that needs redecorating, compared to less than a third of young men (31 per cent). Furthermore women are also happier to forego buying new furniture and appliances (46 per cent of women compared to just 33 per cent of men) if it allows them to buy their first home.
Mike Cook, Head of Mortgages at Post Office, said: "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.
"However, 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 per cent 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. Additionally, look at the longer term value by making sure the rate once the ‘fixed' period is over is affordable and transparent."
The report also reveals young men aren't so worried about not living in close proximity to friends - a third of men (33 per cent) are happy to comprise on this to get on the housing ladder compared to just 21 per cent of women who say they would give this up.
Homebuyers can pick up information about the Post Office's mortgage range and rates online at postoffice.co.uk/mortgages.