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Money
What is the gender home help gap? New research finds that parents give daughters less support than sons when buying their first home
8 months ago
2 min read
Among those lucky enough to receive financial support from their parents when trying to get on the property ladder, women are missing out compared to their male siblings.
We all have that one friend who managed to buy a home long before we could ever even dream about it. And, while you’re obviously happy for them (cue the bottle of bubbly and choice of house plant to take to the moving-in party) you can’t help but wonder: how did they manage it?
A combination of well-paid jobs, the area they buy in and whether they’re in a couple or single all play factors. However, the reality is that many will have had help from parents or family. Research has found that over six in 10 first-time buyers expect to receive assistance from family, while the same study also revealed that parents who help their children with a deposit are spending an average of £32,440 to do so.
It goes without saying that not everyone is lucky enough to receive support from family when buying their first home. However, a recent study by Zoopla has found that, for those who can ask family for help, women are missing out when compared to their male siblings. The property service found that sons are receiving £13,000 more from their parents, compared to daughters, when trying to get on the property ladder. “We were very surprised by the data which shows a significant disparity between what sons and daughters, on average, receive from their parents towards their first home,” Daniel Copley, consumer expert at Zoopla, told Stylist.
Credit: Getty
While Zoopla’s research didn’t delve into the specifics of why this is, Copley does offer some speculation on why this may be the case, pointing to other life events that parents often offer financial support for which may come before buying a house. He refers to weddings and how it is “traditional for the bride’s family to pay” (and the average price of a wedding now stands at over £20,000). He also suggests attending university may be a factor, too, as “UCAS data shows that females are more likely to go to university than males, and parents often support this financially.”
Of course, the data just accounts for the women whose families are in a position to support them, but other studies have also shown that women face disparity when looking to buy their first home, regardless of whether they have financial assistance. The gender pay gap means women need 40% longer than men to save for a deposit, as the amount they are able to save monthly is significantly lower than what men can. Regardless of which barriers they are facing, there’s a clear gender gap that is hindering women from becoming first-time buyers.
Images: Getty
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