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Women take eight months longer to save for first home

Abigail Fenton
·2-min read
Models of a man and woman stand on a pile of coins and bank notes. (Joe Giddens/PA Archive/PA Images)
Women have to work for longer to save for a deposit on their first home. Photo: Joe Giddens/PA Archive/PA Images

Buying your first home can be a daunting long-term goal, but due to the gender pay gap it takes even longer for women.

Full-time working women in the UK take almost eight months longer to save for the deposit on their first home than their male counterparts, according to analysis by OnlineMortgageAdvisor.

The average price of a home in the UK is £253,673 ($330,206), and the average first-time buyers pays an 18%, or £42,421.14, deposit.

Meanwhile, full-time working women aged 30 to 39 earn an average of £16.13 per hour while men earn around £17.85 — 10.68% more.

READ MORE: Women 'work for free' for two months a year due to gender pay gap

This means women have to work for six years, nine months and 18 days to set aside the 18% deposit, while men only have to work for six years, one month and 22 days — a difference of seven months and 27 days.

Per industry, carpentry has the biggest gender pay gap, with women only earning £6.96 per hour, while men earn £13.10 — 88% more.

Because of this, female carpenters and joiners have to work seven years, four months and 19 days longer to save for their first home.

Female financial institution managers and directors come in second, making a third less than their male counterparts, at £19.63 versus £29.23 an hour.

READ MORE: Gender pay gap keeps UK in bottom half of women in work ranking

This difference in pay means that women working in this industry have to save for one year, 10 months and a day longer than men in the same job.

Meanwhile, women who work in the assembling of vehicle and metal goods earn 30% less in the male-dominated industry — about £10.18 an hour, compared to £14.63 for men.

This means women have to work three years, three months and 10 days longer in the same role to afford the 18% deposit on their first home.