Women increasingly looking to property to build wealth
According to Chrissie Johnson, customer relationship manager for Seeff North Coast, having long been the primary influencers in property purchasing decisions, women are now not just confident purchasers of their own residential homes but are increasingly building property portfolios.
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Statistics from Seeff’s mortgage originator further shows that there are more single women compared to men in their twenties purchasing property. The data shows a nearly 400% jump from the 21-25 age group to the 26-30 age group, with sales to women peaking in the 31-35 age bracket.
After that, there is a gradual decline in the single name purchases as women get older. This means that it is predominantly millennial women who are purchasing. The older group statistics reflect a pattern of joint property purchasing when earnings rise, marriage occurs and when housing a family in larger sized properties with safe outdoor spaces.
Low interest rate environment
Chrissie Johnson, customer relationship manager for Seeff North Coast
Johnson says that young professional women are taking advantage of the low interest rate environment and while there has been a marginal 1.8% drop in female loan applications this year, female applications continue to outstrip that of male applicants.
The substantial increase of women in the workforce over the past three decades has seen their role progress from being influencers in the decision-making process of high-value purchases to now being rightful buyers in their own capacity.
Data from the National Association of Realtors in the USA show that women now control 80% of consumer purchases, they direct 91% of housing decisions and guide 94% of home furnishing choices.
Women’s role in the property sector is also varied, from a student looking for student housing options to a working woman looking for a rental home or a single mother looking for the security of her own home. Data also shows that there are an increasing number of female buyers in their twenties.
Women are increasingly looking to build wealth early and view a property purchase as an important aspect of securing their future, says Johnson. The work-from-home trend has further boosted demand for homeownership among females, especially those who have taken the opportunity to start their own small businesses or who are in an entrepreneurial or professional role.
