Vanessa Hale
Director, Research
The rise in the number of single women applying for mortgages has brought with it a whole new market of property buyers, with their own desires.
In 2004, just a quarter of new mortgage applications were by single women, according to Halifax. But by 2014, 64% of single women aspired to own their own home – just marginally behind the number of single men (66%).
Vanessa Hale, partner in Strutt & Parker’s research team, said: “Women are self-sufficient in all aspects of their lives and as knowledgeable as men when it comes to the benefits of property ownership. They want their futures to be financially secure. This includes divorced women as well as first-time buyers.”
And it appears women now have more say when couples are buying, with a Your Move survey finding that 41% said they made the final decision, while only 29% of men claimed to do the same.
Why women want to buy homes
Along with the obvious reasons that both men and women have for wanting to own their own home, women also have some reasons that are particular to themselves.
Many see it as a symbol of independence. In fact, even if women do decide to set up home as part of a couple, they still want to keep the property they bought when single.
This desire for independence seems to start earlier for women as well. Halifax found that in the 20 to 34 age group, men are much more likely to be still living at home with their parents.
What they want
We take a look at the 4 key aspects of a home that women keep an eye out for when looking to buy…
1 - Space for everyone
A study from Santander Mortgages shows that women are much more interested in the property itself than the surrounding area. And one of the key things they’re looking for is space. The bank found that a third of female house-hunters put space at the top of their list, compared with less than a quarter of men.
And while men were more interested in commuting distances, women looked for good schools nearby.
2 - Modern styles
When it comes down to traditional versus modern, the research suggests women prefer a modern, minimalist property, while men prefer something more traditional.
Housing Futures, Strutt & Parker’s annual insight into the latest trends in property ownership, found women were more interested in new developments or updated properties in excellent condition, while men tended to prefer more traditional British interiors.
3 - Outdoor space
The Santander Mortgages study found that some form of private outdoor space is hugely important to women. Some 15% of women said it was a priority when buying a new home, compared to just 7% of men.
This could be down to the fact that women feel they have a greater knowledge of gardening than men, according to an Arthritis UK survey. It found that twice as many women as men take on the role of selecting plants and flowers for the garden.
4 - Suitability for older people
With an ageing population, making sure your home is suitable for you in old age is important – especially so for women, according to research from Housing Futures. The research found that about 3.8 million older people are single-dwellers and of these, 70% are women.
Older women will be looking for properties to meet their needs, whether it’s downsizing to something more suitable, or seeking something bigger than their current one-bed flat