Getting on the property ladder has become increasingly challenging for first time buyers, particularly in London where recent data indicated the average house costs around 12-times the average wage. Yet the gender pay gap means this figure rises even higher for women, to 14 times the average salary[1].
Although the gender pay gap has been slowly declining over the last decade, latest figures from the Office of National Statistics show that there is still nearly a 10% difference in the hourly rate of full-time employees that exists in favour of men[2]. Not only are women paid less, but they are also more likely than men to work part-time roles, which contributes to them having lower earnings overall.
Despite these barriers, two women who have independently purchased their first new home with Telford Homes prove that it is possible to get on the property ladder. Sabah Khan, a 34-year-old publisher, and Ritu Garg, a 29-year-old consultant, budgeted rigorously and worked hard to become first-time buyers, amid predictions that gender disparities will worsen as a result of the cost of living crisis.
Sabah Khan
Sabah searched far and wide before she fell in love with her apartment at The Lock, Greenford. It took her a long time to find somewhere that was in the right location and within her budget, but she urges other women to not give up if they experience similar hurdles: “Women are perfectly capable in this day and age to buy on their own, and I’m proof of that. It can be a long process, but it’s important to not give up searching for your dream home, no matter how long it takes. It was a real challenge for me but I was very careful about saving. However, it’s so nice now being in full control of my finances, and it has made a huge difference to the way I make decisions too.”
Ritu Garg
Also seeking her dream home, Ritu emphasizes the importance of budgeting and being financially prepared for the process: “Women often earn less than men for doing the same job, which can make it more challenging to save for a deposit or qualify for a mortgage. In my own experience, I have been fortunate to work for a company that values gender equality. However, I am aware that this is not the case for all women and that the gender pay gap can still be a significant barrier for many. With this in mind, I made sure to be financially prepared by saving up for the deposit, using the government scheme available and budgeting for potential increases in mortgage rates.
“As a woman who has recently gone through the process of buying my first home, I know first-hand how overwhelming it can be. Women may face unique challenges in this process, whether due to the gender pay gap, societal expectations, or other factors. However, with the right preparation and mindset, it is possible for women to successfully navigate the home buying process and achieve their dreams of homeownership.”
Kerry Hill, Head of Marketing & Communications, Telford Homes: “We understand that there are barriers facing women looking to get on the property ladder. However, through Telford Homes there are a range of incentives and professional services that are available to make the process easier. Whether you are looking to have initial conversations about available mortgages, or ready to begin viewing properties, it is important for all potential buyers looking for a home in London – to know that there is professional guidance should they need it.”
Having proper financial advice is absolutely vital as a first-time buyer. Telford Homes has a range of offers and incentives to support you on your first-time buyer journey. Many looking to get on the property ladder are working towards saving for a 10% deposit. However, in most cases, 5% is currently the minimum deposit required on a property. When you reserve a 1, 2 and 3 bedroom apartment at The Lock, Telford Homes will match a 5% deposit, with an additional 5% of the sale price, meaning you can free up any spare savings you have to help with the cost of moving or furnishing your new home.