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Gender pay gap adds eight months to the wait for first home

Jessica Bird

September 11, 2020

gender pay gap

OnlineMortgageAdvisor.co.uk studied Office for National Statistics (ONS) data to find that on average, full-time working women have to wait eight months longer than their male counterparts to afford their first home.

Full-time working women aged 30 to 39 earn £16.13 per hour, whilst men in the same group earn £17.85 – 10.68% more.

The average price of a home in the UK is £253,673, and the average first-time buyer pays an 18% deposit (£42,421.14), therefore women must work for six years, nine months and 18 days.

Men, meanwhile, would work for six years, one month and 22 days to afford the 18% deposit.

This leaves the average full-time employed woman to work for seven months and 27 days longer to save for the required £42,421.14.

The biggest pay gap by industry was found to be 46.9%, affecting women working in carpentry and joining, who must work for seven years, four months and 19 days longer than their male counterparts in order to save the needed amount.

Female financial institution managers and directors faced a 32.8% pay gap translating into a difference of one year, 10 months and one day.

Women working in the assembling of vehicle and metal goods faced a 30.4% pay gap, working for three years, three months and 10 days longer to afford the 18% deposit on their first home.

Although women make up 79% of all jobs in the health and social services sector, managers and directors earn 14.8% less than their male counterparts, leaving women to save for eight months and 11 days longer.

Among sales and retail assistants the gender pay gap stands at 4.4%, meaning they have to work for six months and 15 days more to afford a deposit.


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