Over the past five years, the proportion of women applying for a solo mortgage has increased by 14 per cent, data from Mojo Mortgages has revealed.
This year marks 50 years since women in the UK were first legally allowed to apply for a mortgage without a male guarantor and Mojo highlighted some of the progress that has been made in that time.
Women now make up a larger part of Mojo Mortgages’ applications, accounting for 41 per cent of all applicants in 2024, up from 36 per cent in 2020.
Mojo suggested this growing market share demonstrates the increasing economic power and influence of women homebuyers.
Additionally, women aged 25-34 were a “key group” for Mojo, making up 58 per cent of female first-time buyer applications.
However, Mojo’s data also highlighted there are still challenges for women buying their own home, with the overall number of solo female first-time buyers dipping in recent years.
In 2024, just 12 per cent of female applicants were first time buyers, compared to 19 per cent in 2022.
The research attributed this decrease to a number of factors, including the gender pay gap, the time it takes to save for a deposit, high house prices, and buying less expensive properties.
Mojo said women typically earn less than men which “significantly” impacts their borrowing power.
According to the Office for National Statistics, the average man earns £2,568 per month after tax whereas women earn £2,146, a difference of £422 per month.
The research also pointed out that, with a lower average income, it takes women longer to save up for a deposit.
Previous research from Mojo Mortgages found that women need an extra eight years and nine months to save for a deposit compared to men.
Additionally, the average house price in the UK currently stands at £289,707 so, with an average deposit size of 15 per cent and a 4.5 times mortgage-to-income ratio, a single woman would have to earn around £54,722 to get her foot on the property ladder.
That is over £20,000 more than the average female salary.
Lastly, Mojo pointed out that the percentage of women applying for a mortgage for properties up to £800,000 is much lower when compared to men.
For example, 61 per cent of men have applied for a mortgage for the property value of £400,001-£800,000 in the last five years but slightly more than half (34 per cent) of women have.
For properties over £800,001, the split is even more distinctive, 23 per cent of women versus 71 per cent of men.
tom.dunstan@ft.com
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