Men get bigger gifts from the Bank of Mum and Dad

Telegraph

5 days ago

Men are receiving larger deposits from the Bank of Mum and Dad, and are using the money to buy property alone.
More than a third (42pc) of young men buying for the first time rely on gifts from friends and relatives to fund a deposit, compared to less than a fifth (17pc) of women.
Solo homeowners now account for a fifth of all households in England, with single men now the driving force behind the figure.
Research by Zoopla last year revealed just under two thirds of first-time buyers (63pc) had received financial help from family. Crucially, however, they found sons tended to receive £13,000 more than daughters.
Aneisha Beveridge, head of research at Hamptons, said: 'Greater access to family support for deposits may also be helping more men overcome affordability barriers and buy alone.'
A punishing rental market and shifting cultural norms have led to more people than ever before reaching for the independence and security of property, the latest English Housing Survey (EHS) shows.
Men's share of the market increased from 38.6pc to 43.8pc over the past 10 years, while women's declined from 61.4pc to 56.2pc.
Women have long outnumbered men within the group of those owning property alone, but the direction of travel is clear, as men threaten to dethrone women as the dominant force in solo ownership.
Beveridge added: 'For decades, women have led the solo homeownership trend – driven by gains in education, career progression and financial independence. But more recently, men have been catching up.
'It's not entirely clear what's driving this change, but this may reflect a cultural shift, with more men now viewing solo homeownership as a desirable and achievable milestone, rather than something to delay until partnered. Shifting life milestones could also be a factor behind why more men are choosing to buy a home alone.
'With more people going to university, many are renting for longer and delaying homeownership until they're settled in a stable job and location.
'At the same time, marriage and parenthood are happening later in life, meaning more people are buying homes alone rather than as couples. A higher rate of divorce has also contributed to the growing number of solo households.'
The increased cost of renting has also made solo ownership more appealing. Since the pandemic, rental costs have risen at a faster pace than house prices.
'I had this thing in my head that a mortgage had to be more [expensive] than rent, but it was actually less,' said software engineer, David Crompton, 37. He first bought with a partner in Newcastle in his mid-20s. The relationship ended shortly after, but he was eager to own again.
After saving for five years, he was eventually able to buy a three-bed in the city by himself. 'It just made more sense because [by paying down a mortgage] you're essentially paying yourself.'
However, for some buyers, there is more than just finances under consideration when looking to buy property.
Claire Holly, 39, a brand consultant, said: 'As a solo female buyer, the hardest part wasn't just affordability, it was finding somewhere I'd actually feel comfortable living alone.
'I started saving in my late-20s, knowing I'd need a big deposit to buy anything decent on a single salary in London. When I finally began looking three years ago, most of what I could afford was in areas I didn't feel comfortable or safe in, or too far from my friends, family and work.
'There's also the paradox of trying to save more while prices keep rising. At times, it felt like a never-ending loop.'
Holly was only able to buy in an area she felt safe after receiving a sum of money in her grandma's will.
For men, worries about safety from living in an up-and-coming area aren't always as much of an issue, potentially leading the way to cheaper properties that are easier to afford to buy alone.
Mark Scales, of estate agent Davies & Davies said: 'From conversations with clients and colleagues, we have noticed that it may be the less established areas that are more often considered by male solo buyers.
'Men may be more able to prioritise long-term growth potential over lifestyle factors such as community feel or perceived safety, which can give them access to a broader range of more affordable properties.
'Whilst not exhaustive by any means, this might provide some insight as to why male solo buyers are increasing in number.'