Are you fab? (Female and Buying)
It looks as if its ladies first on the property ladder, with 1.8 million young women aged between 18-34 in the UK looking to buy a property in the immediate future, according to new research by Post Office Mortgages.
More young women are looking to get onto the housing ladder than their male counterparts (28 per cent versus 20 per cent) - leading to a new generation of FABs (that's Female And Buying).
The Post Office's own mortgage data shows that female buyers are, on average, a year younger than male homebuyers. And there are significant regional differences across the UK. Women buying in Sunderland are, on average, nine years younger than men buying, they are seven years younger in Hereford, and six years younger in Slough and Leicester.
When asked what they would sacrifice to get onto the property ladder, women said they were most happy to forego being in a trendy area (37 per cent). However, security of the area where the property is located was the factor women were least likely to compromise on - just 17 per cent say they would settle for an area they don't feel as safe in.
Men said they were more willing to sacrifice outside space and being in a family area to get their foot on the ladder than women (31 per cent of men versus 24 per cent of women). Women said they were happier to compromise on closeness to a city or city centre (31 per cent versus 23 per cent of men).
Women certainly have money on their minds when it comes to playing the property game - half (50 per cent) of young women said it is important to invest in their own home for the sake of their financial security. Almost half (47 per cent) said that mortgage repayments are a better use of money than renting.
The most important reasons for young men to buy their first property is to be independent (44 per cent), and for financial security (33 per cent).
Post Office Head of Mortgages, Mike Cook, said "Our research shows that female first time buyers are happy to compromise on the more superficial aspects of property ownership because they see buying a home as a financial investment in their future.
"First time buyers, be they female or male, must make sure they choose the right mortgage to help them get their feet on the first rung of the property ladder. A 10 per cent deposit is the minimum they should be aiming to save, and they must look carefully at the long term value of the deal they sign up for to make sure they don't get stung with any unexpected fees or rate hikes once the ‘fixed' period is over."
The Post Office has recently cut most of the rates across its range of fixed rate, tracker, and buy to let mortgages, and introduced a new range of fee assisted products. Many of the rate reductions are significant for the higher loan to value (LTV) products, which is good news for first time buyers.
Homebuyers can pick up information about the Post Office's mortgage range and rates online at postoffice.co.uk/mortgages.