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%). However, security of the area where the property is located was the factor women were least likely to compromise on – just 17% say they would settle for an area in which they don’t feel safe.
Men are more willing than women to sacrifice outside space and being in a family area to get their foot on the ladder (31% of men versus 24% of women). Women said they were happier to compromise on closeness to a city or city centre (31% versus 23% of men).
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% 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."
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