On average, young men are not only keener to buy but they also expect to save more of a deposit – 18% compared to women who anticipate they will save a 14% deposit.
For 41% 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% of men. Interestingly, over a quarter (28%) of young men and a fifth (21%) of young women also cite independence as one of their main drivers for getting onto the property ladder.
While 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%) of young women say they are happy to buy a house that needs redecorating, compared to less than a third of young men (31%).
Furthermore women are also happier to forego buying new furniture and appliances (46% of women compared to just 33% of men) if it allows them to buy their first home.
Mike Cook, Head of Mortgages at the 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. While 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% 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."
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