Rising house prices, stricter mortgage requirements and stagnating wages are just a few of the factors that make homeownership difficult for young adults. For many, the dream of owning a home would not be possible without financial support from parents and family members. However, recent data reveals a striking gender gap in the financial help provided by parents, with sons receiving significantly more support than daughters when it comes to buying their first property.
A study conducted by property portal Zoopla has shed light on the disparity in the financial backing received by sons and daughters from their parents. The data indicates that sons are receiving considerably more money from their families to step onto the property ladder, raising questions about how this gap might impact the housing market in the UK.
The Financial Discrepancy: £13,000 More for Sons
According to Zoopla’s research, parents are providing an average of £13,000 more to their sons compared to their daughters when it comes to purchasing a first home. Specifically, sons are receiving an average of £65,000 in financial support from family members, while daughters are receiving a smaller average contribution of £52,000. This difference is substantial and can have a profound impact on the type of property or location that first-time buyers are able to afford.
This disparity could mean that men are able to enter the property market more quickly or secure properties in more desirable locations than their female counterparts. In a highly competitive housing market, the additional financial boost given to sons could provide them with a significant advantage over daughters.
The Role of the “Bank of Mum and Dad”
It’s no secret that the so-called “Bank of Mum and Dad” has become an integral part of the UK housing market. As house prices have outpaced wage growth, many young people have found it increasingly difficult to save for the substantial deposits required to secure a mortgage. As a result, parental support has become a key enabler for many first-time buyers.
Research from Zoopla highlights that one in four first-time buyers in the UK are now reliant on some form of financial contribution from their parents or family. With the average deposit for a first-time buyer in the UK standing at around £60,000, the contributions from family members are playing a crucial role in bridging the gap between what young people can save and the actual cost of a home.
Why Are Sons Receiving More?
The reasons behind this discrepancy in parental support are complex and multifaceted. One potential explanation is the traditional view of men as future breadwinners or those who are more likely to invest in long-term financial assets like property. In many cultures and families, there may be a subconscious bias towards supporting sons more heavily, perhaps due to expectations around men’s financial roles or their likelihood to stay in one place for longer periods.
Another possible factor could be the differing housing priorities of men and women. Zoopla’s research suggests that men are more likely to seek out larger homes or homes in more expensive areas, which may necessitate greater financial assistance. In contrast, women may prioritise different factors, such as proximity to family or career opportunities, which might result in them seeking more affordable properties.
Some parents may believe that daughters will receive financial support from future partners or spouses, thus justifying a lower level of contribution. While this assumption may not hold true for many, it is indicative of lingering traditional gender roles that continue to influence financial decisions within families.
At Belvoir, we understand that purchasing a first property is a major milestone for any young person, whether they are a son or a daughter. Our expert team is here to provide guidance and support to all first-time buyers, helping you navigate the complexities of the property market. We believe that every individual should have an equal opportunity to achieve their homeownership dreams, and we are committed to offering tailored advice to help you make the best decisions for your future.
If you’re a first-time buyer or a parent looking to support your child in their property journey, we invite you to get in touch with our team today. With our expert knowledge and personalised service, we can help you find the perfect property and provide advice on how to make the most of your financial resources. Contact Belvoir to learn more about how we can assist you in making your homeownership dreams a reality.
