Women drive the single mortgage market for first time buyers, reveals Woolwich report.
The Woolwich first time buyer survey shows that nice neighbours came second only to location when choosing your first home. One in five rated ‘nice neighbours’ as the single most important factor in buying their home.
The survey takes a snapshot view of the fears, preferences and motivations of 100 of The Woolwich’s recent first time buyers.
Independent women fly the nest first
73% of women surveyed bought their first home on their own (compared to 48% of men), proving that today’s independent women don’t wait for Mr Right before looking for their dream home.
Young women are itching to get away from the parental nest - 28% said that leaving the family home was the biggest motivation for buying a house.
First time funding - women go for family, but savers top the bill
Despite their eagerness to buy on their own, women are almost twice as likely to rely on a financial leg up the property ladder by funding their deposits with cash gifts from their family (32% of women, compared to 17% of men).
Overall, 63% of first time buyers save for their deposit themselves, 27% used a cash gift from family or a windfall and 10% borrowed their deposit.
Potting sheds and power tools - what men and women really want
A great garden is more important to men than women (20% of men cited this as the deciding factor, compared to 12% of women).
Instead, women show a surprising passion for DIY, with 20% saying room for expansion and improvement is key (compared to just 12% of men).
Shop around or buy on impulse for first time home buyers
The majority of first-time buyers (59%) looked at between five and 10 properties before making their final decision.
Some people are obviously more impulsive - 22% say they bought the first home they saw.
8% looked at 10-20, and 9% were even choosier, viewing more than 20 properties.
Those buying as a couple are more likely than single people to deliberate over their decision (66% compared to 57% looked at between five and 10 properties).
Women are almost five times more likely to view 20 or more properties than men (14% compared to just 3%).
First time buyers’ superstitions are also revealed, with a spooky 13% admitting they would be deterred from properties that are number 13 on the street.
Canny First Time Buyers Invest for the Future
The desire to get a foot on the property ladder is the single most popular reason for homebuying (29%).
28% were fed up with renting and wanted to put their monthly outlay of ‘dead money’ to long-term use instead.
Mum knows best - parents are best source of advice for first time buyers
Even though first time buyers, on average, wait until they reach 24 before buying, 37% say they valued their parent’s advice the most during the home-buying process.
Women are more likely to consult their parents rather than their partner (54% compared to 31% of men). In contrast, men tend to consult their wife/girlfriend (44% compared to 34% of women).
Other than parents and partners, respondents also cited siblings (5%) and friends (5%) as main sources of advice, with estate agents lower down in the order.
The Woolwich conducted the survey to coincide with the launch of its new mortgage packages for first time buyers. Commenting on the research, Andy Gray, senior mortgage product manager with The Woolwich, said “The research shows just how much there is to think about when buying your first home - before you even get to the mortgage. That’s why we've set out to make getting a mortgage as straightforward as possible, with advice available on the high street. And we've tailored our mortgage range for first time buyers, with special flexible mortgage deals and cutting start-out costs.”
|
