Young men drawn to buying ‘bachelor pads’

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.

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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.”