Women in the UK are more likely than men to dream of owning their own home but are also less confident they will achieve this goal, a new study has found.

The First Time Buyer Index from Aldermore surveyed more than 1,000 prospective homebuyers in the UK. Nearly nine in ten women (87%) said they have previously dreamed about becoming a homeowner, compared to 71% of men.

Yet women are more likely to feel the goal of homeownership is unachievable – 68% of women hold this view, which is 11% higher than the figure among men.

Elsewhere the research showed that women (76%) are more likely than men (67%) to consider renting to be too expensive, while women are also more likely to see saving for a deposit as the biggest obstacle to buying a home (33% versus 20% of men).

At 26%, the proportion of women who believe they will apply for their first mortgage alone was much lower than among male respondents (39%).

Sue Hayes, managing director of retail finance at Aldermore, said: “It is concerning to see the barriers to home ownership having a greater impact on women. We need to address financial inequality in our society to help tackle gender disparities so that becoming a homeowner is achievable for all.

“The house buying journey is a stressful one and can feel very overwhelming for new homeowners. The industry needs to work together to provide a straightforward process and remove hurdles for all first-time buyers.”

Source: www.propertywire.com