The gender house price affordability gap

In contrast, the average British female requires 11.1 times her average annual income of £25,154 to cover the same property cost, almost four years more than her male homebuying counterpart (3.7).

By Region

London is unsurprisingly home to the largest gender house price affordability gap. The average London male would require 10.3 times their current annual gross earnings to cover the cost of a London property (£521,146), while for a female homebuyer this jumps to 15.6 – a gap of 5.3 years. 

The South East (5.2), South West (5.1) and East of England (5) are also home to a gender house price affordability gap of five times annual salary or more.

Even in the North East where this gap is at its smallest, the average female still requires almost two years (1.8) additional earnings to cover the cost of a property versus the earnings required from a male homebuyer. 

 Worst areas to be a female homebuyer

When it comes to the worst areas of the property market to be a woman, Kensington and Chelsea is in first place. While the average male in the borough requires 12.7 times their average annual earnings to cover the current cost of a Kensington property, this soars to a massive 36.6 times annual earnings for the average female – a gap of 23.9. 

Rother (10.5), Mole Valley (10.2), Rutland (9.8) and Camden (9.3) also rank amongst the worst property markets for female homebuyers. 

Best areas to be a female homebuyer

However, there are a few areas where gender property purchasing power sits on a relatively level playing field. 

In Inverclyde the average female earns £24,619 versus an annual gross income of £27,542 for the average male. Meaning that the average female needs 5 years annual income to cover the average cost of a property, while the average male needs 4.5 years – a gap of just half a year. 

Across both Rushmoor and Blackpool, the gender house price affordability gap also sits below a year’s earnings (0.9) between both the average male and female homebuyer.

In Copeland, Anglesey, Tunbridge Wells and Falkirk, the average female requires just one additional year of income to cover the cost of a property when compared to the average male. 

Gender equality property affordability gap

Athena Hubble, managing director of Boomin, says: “Fortunately I’ve been able to purchase properties but there are so many females out there who struggle to get on the property ladder.”

“The gender pay gap is a significant mismatch that women are reminded of every time they receive their monthly payslip, and it stretches beyond the workplace into other areas of life.”

Hubble concludes: “Our purchasing power within the property market is certainly one of those areas, and the disparity in pay between men and women has a huge influence on what we are able to borrow. As a result, many women are priced out of homeownership unless they accept that the only path in achieving it is with a significant other.”

Michael Bruce, chief executive officer and founder of Boomin, adds: “The financial barrier to homeownership has grown significantly in recent times and it continues to do so, as aspirational buyers push for this coveted status in a market where stock levels are simply insufficient.

Bruce goes on to say: “This struggle isn’t gender-specific and for many, getting a foot on the ladder is only made possible with the help of a parent, or as a combined effort with a partner.”

“However, this shouldn’t detract from the fact that there is a huge gap when it comes to the individual purchasing power of both men and women and this comes as a direct consequence of the gender pay gap found across society.”

Table shows the average house price affordability ratio of both men and women and the gap between the two

Location

Current average house price

Male average gross earnings

Male house price affordability ratio

Female average gross earnings

Female house price affordability ratio

Gender house price affordability gap

London

£521,146

£50,592

10.3

£33,413

15.6

5.3

South East

£380,237

£42,580

8.9

£26,822

14.2

5.2

South West

£314,037

£34,267

9.2

£22,028

14.3

5.1

East of England

£339,502

£40,106

8.5

£25,121

13.5

5.0

West Midlands Region

£238,238

£35,490

6.7

£23,331

10.2

3.5

East Midlands

£235,004

£34,106

6.9

£22,670

10.4

3.5

Yorkshire and The Humber

£196,877

£33,632

5.9

£22,111

8.9

3.1

Wales

£204,835

£32,067

6.4

£22,496

9.1

2.7

North West

£200,172

£33,865

5.9

£23,352

8.6

2.7

Scotland

£180,485

£35,137

5.1

£25,333

7.1

2.0

North East

£147,214

£31,187

4.7

£22,452

6.6

1.8

England

£293,339

£38,658

7.6

£25,291

11.6

4.0

Great Britain

£278,120

£38,061

7.3

£25,154

11.1

3.7

             

Table shows the areas with the largest gap between the male and female house price affordability ratio

Location

Current average house price

Male average gross earnings

Male house price affordability ratio

Female average gross earnings

Female house price affordability ratio

Gender house price affordability gap

Kensington and Chelsea

£1,374,008

£108,144

12.7

£37,518

36.6

23.9

Rother

£358,606

£42,358

8.5

£18,956

18.9

10.5

Mole Valley

£530,845

£59,753

8.9

£27,854

19.1

10.2

Rutland

£351,728

£41,815

8.4

£19,264

18.3

9.8

Camden

£915,362

£54,801

16.7

£35,217

26.0

9.3

New Forest

£399,060

£40,118

9.9

£21,083

18.9

9.0

Dacorum

£458,761

£44,274

10.4

£23,943

19.2

8.8

Bath and North East Somerset

£399,981

£39,534

10.1

£21,181

18.9

8.8

St Albans

£576,855

£66,830

8.6

£33,255

17.3

8.7

Castle Point

£352,804

£43,726

8.1

£21,047

16.8

8.7

             

Table shows the areas with the smallest gap between the male and female house price affordability ratio

Location

Current average house price

Male average gross earnings

Male house price affordability ratio

Female average gross earnings

Female house price affordability ratio

Gender house price affordability gap

Inverclyde

£123,884

£27,542

4.5

£24,619

5.0

0.5

Rushmoor

£317,880

£35,164

9.0

£32,121

9.9

0.9

Blackpool

£130,372

£24,644

5.3

£21,171

6.2

0.9

Copeland

£136,773

£40,087

3.4

£31,095

4.4

1.0

Isle of Anglesey

£224,057

£28,880

7.8

£25,618

8.7

1.0

Tunbridge Wells

£419,429

£35,638

11.8

£32,750

12.8

1.0

Falkirk

£155,018

£30,984

5.0

£25,627

6.0

1.0

City of Dundee

£144,367

£29,040

5.0

£23,751

6.1

1.1

https://www.introducertoday.co.uk/breaking-news/2022/3/the-gender-house-price-affordability-gap–where-are-women-worst-off-when-looking-to-buy?source=mostcommented

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