Young men drawn to buying ‘bachelor pads’

Published on 02/07/2012 02:16

YOUNG men are leading the way in the UK property market – with more than a third (36 per cent) of 18 to 34-year-old males saying they are committed to buying a home in the near future.

By comparison, only 32 per cent of women say they have plans to buy a home, according to research from Post Office Mortgages.

Young men are prepared to save more towards a deposit – saying they intend to put down 18 per cent of the cost of a new property, compared with the 14 per cent that women are planning to save.

Many young people are now living with parents for longer in order to give themselves the chance of a foothold on the property ladder.

More than a quarter of young women (28 per cent) and a fifth of young men (21 per cent) cited the need for independence as one of their main reasons for wanting to buy a property.

The study found young women are more open to the idea of doing up a property – whereas young men prefer somewhere fully furnished.

Mike Cook, head of mortgages at Post Office, said: “While young men prefer to buy their new ‘bachelor pad’ completely furnished, young women are happy to take on a DIY project.”