A third of young men in the UK are looking to get on the property ladder in the near future but women are prepared to compromise more to do so, research into the housing market suggests.
Young men are now leading the way in the UK housing market with over a third, 36%, planning to buy a home in the near future, compared to 32% of women, according to Post Office Mortgages.
Overall, the latest results reveal that 34% of all 18 to 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% 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. 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.
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%, of young women say they are happy to buy a house that needs redecorating, compared to less than a third of young men.
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.
‘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,’ said Mike Cook, head of mortgages at the Post Office.
‘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,’ he added.
The report also reveals young men aren't so worried about not living in close proximity to friends. A third of men, 33%, are happy to comprise...
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