More Men Intend to Purchase a Property

Online, July 25, 2012 (Newswire.com) - The report published by Post Office Mortgages showed that 36 per cent of men compared to 32 per cent of women are planning to buy their first home and are taking steps towards securing a property. The report was based on a poll of 2000 people.

Another report that was published has also shown that the numbers of buyers planning to buy a first property in the next twelve months has risen to its highest in two years to nearly 30 per cent compared to nearly 28 per cent since 2009.

However, amongst first time buyers half of female buyers are more prepared to do work on and redecorate a property and buy a property in need or refurbishment compared to a third of male buyers. Women also view buying property for sale as a longer term financial gain with 41 per cent of women considering buying a property more beneficial than renting. Thirty three per cent of men considered it better to buy than rent.

Young adults are living with parents for longer or renting accommodation because they are finding it hard to get onto the property ladder and also finding it difficult to obtain an affordable mortgage. The current squeeze on mortgage lending and also the high deposits that are required means that first time buyers need to save harder for deposits and be prepared to make sacrifices in order to get onto the property ladder.

Around the UK the propensity to buy a first property varies. In London and Greater London nearly 43 per cent of potential buyers expect to buy in the next twelve months compared to around 21 per cent in the South West including new homes in Bristol. The number of people expecting to buy in Yorkshire & Humberside is nearly 27 per cent which is more than the number in the South East at 26 per cent including new homes in Kent.