Recent research shows that women are less likely to own a property than men. It’s clear from the number of women I see in my office and the volume of enquiries I get that the dream of homeownership for females has never been greater.

Whether that’s first-time buyers, those recently separated from partners, or other circumstances, women really want a place to call home.

It’s not even 50 years since women have been allowed to get a mortgage without the need for a male guarantor. Hard to imagine nowadays, but as recently as the 1970’s, women needed a male countersignature such as a husband or father to get a mortgage. In 1975, The Sex Discrimination Act was passed, finally allowing women to get a mortgage on their own.

Thankfully, the possibility of homeownership for women has moved forward considerably since then, but recent statistics show there are still a number of factors holding women back from getting a foot on the ladder.

Recent statistics show that the number of primary female (or sole) mortgage applicants increased from 29% in 2017, to 33% in 2021. In contrast, however, there has only been a 2.8% increase in female mortgage holders over the last 10 years.

The economic environment doesn’t help

There are several economic factors to consider as to why this is happening. Although it is getting better, the gender pay gap is a barrier for some. With lower salaries, saving for the required deposit is much harder to do. Women need an average of 12 times their annual salary to be able to buy a home in England where men only require just over eight times.

Couple that with the cost-of-living crisis, rental costs going up, and the possibility of being able to save the necessary deposit becomes harder. Increasing house prices also do little to help. What once would have been a decent deposit is no longer enough, moving the goalpost further away.

Affordability misconceptions

Despite greater access to financial information, education and advice, many women (and no doubt many men) are still unclear about their financial options and affordability. I believe these misconceptions are holding a lot of women back from achieving their home ownership dreams.

Many think it is out of reach for them, when in fact it is not. With much media coverage around mortgage costs, property values and energy bills, it’s easy to see why many would dismiss the thought of buying a home without properly researching their options. But it can be possible and with innovation coming through from lenders, there are several options to consider. You just need to know where to go to get the right information.

While society has come a long way in the last 50 years, it’s clear that there is still a gap when it comes to homeownership amongst women. Financial education is key and its important that we arm ourselves with information to enable us to make informed decisions when the time comes. But also to know what the options are from the get-go.

It’s no secret that the market has been through a number of peaks and troughs over the last few years. Interest rate increases and property price rises leave many thinking buying a property is out of reach. But lenders are doing what they can to help and with the right advice, it is possible to own your own home, or put in place steps to get there.

Sam Lindsay is mortgage planning advisor at My Mortgage Angel