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Men have found mortgages more affordable than women over last decade, research finds

15/09/2017 News Team

Male mortgage affordability has been 15 percent higher over the last decade than for females, according to research from online estate agent eMoov.co.uk.

eMoov looked at the latest ONS data for the average wage over a ten year period (from 2006 to 2016) for both men and women and then looked at their mortgage affordability at 4.5 times that wage. The company then highlighted the gap in purchase power between the two showing mortgage availability as a percentage of the average house price at the time.

The average mortgage affordability of male home buyers has been 72 percent of the average house price over the last 10 years, 15 percent more than female house buyers (57 percent). The deficit remained at this level until 2013, and peaked at 17 percent in 2009 with the male salary allowing a  79 percent mortgage affordability on the average house price, to 62 percent for women. The higher threshold of affordability was largely due to the market crash.

The gap has started to close and sits at 12 percent today but with house prices almost reaching their pre-crash level, mortgage affordability for the average salary has dropped to 65 percent for men and 53 percent for women. The high cost of UK home ownership means that since 2006, both wages have lagged behind house prices in terms of mortgage affordability, despite the gender gap.

Russell Quirk, founder and chief executive, commented: “It’s a welcome sight that the gap in salary between men and women, and in turn mortgage affordability, has started to close over the last few years, but a gap remains none the less. Homeownership provides enough hurdles for the current generation of first and second-time buyers as it is, without gender having to play a role.

The only saving grace is that many are in the position to buy with their partner and so the combined mortgage affordability of both is enough to see them onto that first rung of the ladder.”

Mr Quirk added: “While the increasing growth in property values due to a severe lack of supply is an issue the second side to it is the lack of growth in the average wage. If this was addressed, it would at least go some way in bridging the gap for those struggling to buy at present.”

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