International Women’s Day: buying and renting in London are both less affordable for women than men
Ah, International Women’s Day, famously invented in 1911 so that women could girlboss it on Instagram for 24 hours once a year. Only to wake up on March 9 to discover that — dammit — the economic, political and cultural disadvantages of femaledom didn’t magic away.
The persistent gender pay gap, even in entry-level jobs, means housing is less affordable for women than men whether renting or buying.
According to a briefing by the Women’s Budget Group, the picture is stark: “On average, women have lower incomes and less capital than men. As a result, they tend to be disadvantaged in a housing system where access to housing is largely determined through the market.”
The briefing found that while Londoners spend an average of 32 per cent of their income on rent, for male private renters it’s 28 per cent, while for women it’s 43 per cent.
And the more rent you pay, the less money you have left over to do other things, like saving for a deposit, for example.
The amount a solo buyer is able to borrow for a mortgage is linked to how much they earn, meaning not only can the average man save for a deposit more easily but he also has greater buying power than the average woman.
Indeed, it would cost the average-earning woman in the capital over five years’ worth more of wages than her male equivalent to buy a £521,000 London home, figures from property portal Boomin show.
Housing in London is unaffordable for too many people whose gender identity isn’t “inherited wealth”. This is not an incitement for a battle of the sexes. But that needn’t stop us acknowledging that it’s an unequal struggle until the pay gap closes for good.
