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The Gender Pay Gap and First Time Buyers

Compare My Move has explored how the gender pay gap affects millennials saving up for their first home. We looked at how long it would take young males and females to save up a 10% deposit in 51 of the largest towns and cities across Britain.

We found that millennial females must save an extra 8 months for their first home compared to their male counterparts. The research found it takes the average British female 3 years and 8 months to save a 10% deposit while renting, whereas it would take their male counterparts 3 years to save for the same house.

How the Gender Pay Gap Affects First Time Buyers

With a gender pay gap in every town and city we explored in the research, female first time buyers are certainly affected in every area of Britain. However, the severity of the effect is different between areas. From Cambridge, where females must save for an extra 3 years and 8 months, to Dundee, where females must save for “only” an extra month.

Testimonial Gender Pay Gap V 2

In Focus: Faye Watt

A Digital Marketing Executive based in Bristol, Faye has been saving while renting in Bristol over the last 3 years. She currently saves around £300 a month towards a 10% deposit. She believes she’ll be saving for another 3 years to reach her goal.

"I don't find it surprising that females will need to save for a longer time, however, I don't know anyone my age in Bristol, male or female, who will be ready to buy their first home in the next few years without additional help from their family"

Find the full case study here

The Best and Worst Places to Save as a Female

Paid less? Save less. Our research found that the average female millennial has around £100 less to put towards their deposit each month than their male counterparts. This makes a huge difference in areas like Cambridge with high house prices and living costs. In areas like Dundee where living costs are low, the effect of the gender pay gap is lessened.

The Worst Towns & Cities for Female Buyers

There are 13 towns and cities where females must save at least a year longer than their male counterparts.

AreaAvg 10% DepositTime to Save (Male)Time to Save (Female)Difference
Cambridge£37,196
7 Years and 11 Months11 Years and 9 Months3 Years and 10 Months
Oxford£36,1457 Years and 4 Months10 Years and 4 Months3 Years
Slough£27,1465 Years and 11 Months7 Years and 11 Months2 Years and 0 Months
London£41,3746 Years and 4 Months8 Years and 2 Months1 Years and 10 Months
Brighton and Hove£31,6245 Years and 5 Months7 Years and 2 Months1 Years and 9 Months
Crawley£25,7354 Years and 9 Months6 Years and 5 Months1 Years and 8 Months
Reading£27,4964 Years and 10 Months6 Years and 5 Months1 Years and 7 Months
Bristol£25,9355 Years and 1 Month6 Years and 6 Months1 Years and 5 Months
Poole£24,4554 Years and 10 Months6 Years and 4 Months1 Years and 6 Months
Manchester£16,1763 Years and 1 Month4 Years and 2 Months1 Years and 1 Month
Northampton£18,6473 Years and 8 Months4 Years and 9 Months1 Years and 1 Month
Southend-on-Sea£23,3133 Years and 6 Months4 Years and 6 Months1 Year
Milton Keynes£21,8003 Years and 6 Months4 Years and 6 Months1 Year

View the full data set here


The Best Towns & Cities for Female Buyers

The research shows the struggle in many cities for renters saving to get on the property ladder. In areas where rent and house prices way outstrip the average wage, renters can spend more than a decade saving up the average deposit needed. These are the areas where savers gain the most from the Help to Buy equity loan, saving a huge amount of time and rent.

AreaAvg 10% DepositTime to Save (Male)Time to Save (Female)Difference
Dundee£10,6671 Years and 3 Months1 Years and 4 Months1 Month
Aberdeen£12,9752 Years and 1 Month2 Years and 3 Months2 Months
Glasgow£12,1361 Years and 8 Months1 Years and 10 Months2 Months
Swansea£13,1772 Years and 3 Months2 Years and 6 Months3 Months
Newport£15,6102 Years and 7 Months2 Years and 10 Months3 Months
Edinburgh£21,4422 Years and 11 Months3 Years and 2 Months3 Months

View the full data set here


Methodology

Compare My Move focused on savers in their twenties renting in the town or city in which they want to buy their first home. We selected the 51 of the largest towns and cities in Britain. We used median regional wages for male and female 22 to 29 year olds, and worked out takehome salary by deducting pension contributions, student loan repayments, and tax.

We sourced living costs that reflect a normal lifestyle, including food, travel and bills, but also socialising and entertainment. We added average monthly rent for one room in the town or city, and worked out the disposable income of both male and female savers.

We then worked out the time taken to save up a 10% deposit for the average first time buyer home in the area.

Contains HM Land Registry data © Crown copyright and database right 2019. This data is licensed under the Open Government Licence v3.0.

View our full methodology and sources