Women require around 42 per cent longer than men to save for their first home due to lower earnings, research has shown.
According to research from Go Compare, it takes the average first-time buyer a minimum of three years to save a deposit for a home.
This is based on average house price of £236,000 and average deposit of 10 per cent, along with additional costs of moving houses, so first-time buyers need to save £26,305.
For men it takes around 2.6 years and women it takes them 3.6 years, which the firm said was due to the gender pay gap.
The report said that women have an average of £602 per month of disposable income and men have around £856 per month.
This means that women are £250 worse off each month and it will take longer for them to save.
However, Go Compare said that the ‘gender save gap’ was closing, as in 2021 it took women 50 per cent longer to save for a home.
Ceri McMillan, home insurance expert at Go Compare, said: “Our latest research highlights the shocking impact that the gender pay gap can have on all areas of life for women, including the huge milestone of purchasing your first property.
“Although it’s positive to see that the gap is closing, it’s simply not happening at a quick enough rate. As a result, countless female first-time buyers will still find themselves at a disadvantage while trying to save up for a deposit and more.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.