The comparison site found that female homeowners appeared to have less disposable income available to put aside for a deposit. Of those who were only able to save up to £199 per month, 58% were women and 52% were men.
This disparity was still apparent at the higher end of the saving scale. Those who put away over £400 per month were predominantly male at 19%, compared to a lower percentage of females at 13%.
Despite rising house prices, first-time buyers aren’t taking advantage of help from the Government. Just 27% of homeowners used a government scheme when buying their house, with more men than women choosing to do so.
Although the gender pay gap has dominated headlines in the last few years, awareness of its effect on purchasing property is limited. A staggering 74% of homeowners (including over two-thirds of women) were unaware of the pay gap’s impact on women saving for their first home.
Richard Jones, business development manager at GoCompare, said: “Our research highlights that the gender pay gap has significant implications for women in the UK throughout their lives. As a result, female first-time buyers can end up waiting for years longer than men to buy their homes.
“Currently, not enough is being done to tackle the wage gap. We're hoping to raise awareness of this issue, to advocate for change, but also to ensure women are fully informed of the challenges they face."
