Young men trying to buy homes more often
A higher proportion of young men are now trying to get themselves onto the UK property market ladder by purchasing properties for sale in the near future than in recent history. This means that there are now more males attempting to purchase their first home than females.
According to the latest survey which has been released by the Post Office, 36 per cent of men aged between 18 and 34 are looking to become first-time buyers at some point in the near future. This is compared to just 32 per cent of women who said the same thing.
However, the Post Office has said that the overall level of people looking to purchase has risen significantly compared to last year. It now sits at 34 per cent.
Mike Cook, Head of Mortgages at Post Office, said: "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 ten 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."
Another discrepancy between the genders can be seen when it comes to the ambitions each have surrounding the saving of a deposit. The survey found that young men are predicting that they will be able to save an 18 per cent deposit, while women only see themselves as able to save 16 per cent.
This has been one of the most problematic issues for first timers in recent years, due to the fact that they have required 20 or 25 per cent of the cost of their home to secure a mortgage.
The survey also found that 33 per cent of young men would move further away from home to get a good deal, compared to just 21 per cent of women.
Posted at 05:07 02/07/2012