More single women than men now buying houses
FOR the first time ever, single women are buying more houses than single men.
New figures show that women are throwing off any incorrect stereotype of being dippy 'Bridget Jones' types who can't get their finances in order.
This year, 51pc of single people buying houses are women, compared to 43pc last year.
The rise has been one of the most significant shifts in the market in the past few years, IFG Mortgages said yesterday.
The proportion of single people buying houses has risen from 37pc of the market in 2007, to more than 43pc this year. And this rise is being completely driven by single women.
Last year, four out of 10 of the single people buying homes were female.
But this year more than half those jumping on to the property ladder are female, data collected by IFG from brokers nationwide shows.
The surge in single women buying homes has come despite tightening in the mortgage market and an economic downturn.
Suzanne McGuinness of IFG said: "For the first time ever in Ireland the majority of homes being purchased by single people are being bought by women. The trend was heading this way before prices started falling but it appears to have accelerated considerably."
Unfairly
In the past, young women have been unfairly dubbed 'Bridget Jones' types because they appeared ditzy and disorganised about their personal finances.
But experts said last night that this latest research on a surge of house buying by single females, indicates that nothing could be further from the truth.
Instead, many single women see the fall in house prices over the past year and a half as an opportunity to snap up a bargain.
The research also indicates that those who are buying at the moment, are more likely to purchase larger homes than previously.
And the ages of both males and females coming into the property market continue to fall. Last year the average age of first-time buyers was 34, but this is down to 33 this year.
The number of people taking out mortgages has fallen, but the size of the loans being approved has actually increased by almost 6pc.
The average mortgage is now €231,400, compared with €227,300 last year.
This is despite the tightening of lending criteria by the banks and other lenders, and falling house prices.
"It is very interesting that the size of the average loan is actually up this year," Ms McGuinness noted.
"There are obviously fewer loans being taken out. However, when you consider that property is cheaper now and borrowers are putting down even bigger deposits, coupled with with the rapid decline of 100pc loans, it points to a serious shift in attitudes."
- Charlie Weston Personal Finance Editor
