WOMEN AND MORTGAGES

History of women and property

The first place to start is to understand that the legal right to own property hasn’t always been guaranteed for women in the UK. Until the 19th century, married women in the UK were considered to be under their husband's protection and, therefore, couldn't buy a home of their own.

Things started to change in 1870 when The Married Women’s Property Act was passed. This provided women with some financial autonomy, as wages, monetary gifts, or inheritance were deemed a woman’s rather than her husband’s by default. However, change happens slowly, as to begin with, this didn’t apply to any property she owned before marriage.

12 years later, in 1882, this law was adjusted to include property owned by women before marriage. Almost 100 years later, in 1975, the Sex Discrimination Act was passed, and banks were legally required to treat men and women equally. This was the year that women could open their own bank accounts.

Where are we now?

It was only in the last century that fundamental legal change was made for women in unlocking their financial power. Fast forward to today and looking at the current market, we can see clear progress has been made in getting more women on the housing ladder.

But we are still a way off reaching total gender parity when it comes to housing and affordability.

Reaching the status of becoming a homeowner is no mean feat, particularly when we look at the growth trajectory of house prices in recent years compared to wage growth. For women, this is also exacerbated by the gender pay gap. A recent study by Boomin found that while the average British male requires 7.3 times their annual salary to cover the cost of the average property price, the average female requires 11.1 times her average yearly income for the same property.

Coupled with the cost-of-living crisis, reaching the homeownership goal has become more challenging to attain with household bills, interest rates and inflation reaching highs that many won’t have seen in their lifetimes.

In 2025, the gender pay gap for full-time employees in the UK stood at 6.9%, meaning median hourly earnings (excluding overtime) for women were £18.87 compared to £20.27 for men.

Meanwhile, data revealed the wider gender wealth gap at 21% in Great Britain, versus a pay gap of around 13%.

With housing affordability remaining stretched: in England during 2024 the median home price was around £290,000 and cost 7.7 times the median annual earnings of a full-time employee (earnings £37,600).

What can brokers do?

Brokers can play an important role in supporting women on their homeownership journey, whether they’re just starting the process or are existing homeowners. There remains opportunity for brokers and lenders alike to engage with female customers before their mortgage deal comes to an end. This helps support them in proactively managing their finances and ensure they are on the best deal possible.

For lenders and brokers alike, taking a real life lending approach is vital in supporting women on their homeownership journey. The gender pay gap is one thing to be aware of in terms of women building their affordability, but if we also consider that a growing number of women are in self-employment and more likely to take career breaks, lenders can serve this population by factoring in such real life moments and giving them access to mortgage products. In 2025, for example, self-employed borrowers remained under-represented in mortgage lending — at just around 7% of sales (compared to around 13% of total employment). As part of TML’s affordability assessment we ask for 12 months history of employment or self-employment at point of application. 12 months of continuous employment without a gap is not needed, provided the gap is acceptable and explained. Crucially, affordability is assessed over the lifetime of the mortgage.

But there is more to the gender housing gap than just the number of years it takes to finance a home. Homeownership provides stability and therefore makes it easier to focus on education and job prospects and create a strong network of friends and family for support. These factors all positively influence the economic mobility of the homeowner and their family, regardless of gender, race or ethnicity.

Louise Apollonio, Distribution Director, Shawbrook Retail Mortgages

Gender pay gap in UK (ONS, 2025) – median full-time hourly earnings April 2025. (ons.gov.uk)

Gender wealth gap (Women’s Budget Group, 2025) – July 2025 report. (wbg.org.uk)

Housing affordability England & Wales (ONS, 2024) – median home price to earnings ratio. (ons.gov.uk)

Self-employed borrowers under-representation in mortgage lending (FCA DP25/2, 2025). (fca.org.uk)