Tue, 18 Sep 07
New research by Bradford & Bingley has finally banished the stereotype that female property involvement only goes as far as choosing paint colours and soft furnishings...
The new study reveals that when it comes to property investments, women are master multi-taskers and every bit as hard-nosed and ambitious as their male counterparts.
The survey of over 1,000 women in property, commissioned by Bradford & Bingley, revealed that:
- Over three quarters (76%) are successfully holding down day jobs, in addition to managing their investment properties
- 42% take on much of the renovation/improvement work themselves
- 90% deal personally with trades people (48% of which feel that trades people quote them higher prices just because they're a woman...)
- A quarter (26%) intend to invest in further properties within the next 12 months
The age range of women property investors varied massively. A third of the women in property (34%) were 30 or under when they bought their first investment property, bucking the national average of 34 years old. However, 21% of women in property were over the age of 50 when they bought their first investment property, proving that age, as well as gender, is no barrier to property investment.
Thinking to the future
The research suggests that a key reason why women are buying property is as an investment to support their financial future. 59% of those women interviewed cited investment potential as a key motivator to buy with 47% seeing property as a replacement for a pension.
Financial returns are proving a strong incentive for women to invest. 10% have made £50,000 or more when they sold their properties, 9% earn £10,000 a year or more on their property investments and 43% of women pay for holidays from the return on their property investments.
Fiona Fullerton, who owns several investment properties to the value of over £2million, says: Women are taking control by buying and renovating properties and are being hugely successful at it. Many women have a strong business sense and when combined with an innate ability to multitask and a key eye for design, it can often create a winning formula.
Home improvement no longer the male domain
The survey revealed that many women are performing home improvement work themselves:
- 71% have or would take on much of the renovation/improvement work themselves
- 31% have fitted/would fit a kitchen
- 21% have knocked down/would knock down walls
- 15% have done/would do their own plumbing
- 35% of women have sanded or laid/would sand or lay their own floors
- 10% have rewired/would rewire their property
- 48% feel that trades people quote higher prices simply because they are females.
- 57% choose not to use a property agent to manage their assets instead opting for their properties to be managed privately
Bradford & Bingley Property Women of the Year Award
The research, commissioned by the UK's largest buy-to-let lender, marks the launch of the Bradford & Bingley Property Woman of the Year Awards. The Awards recognise the success of women in the property investment market. Winners from each region will be selected as well as an overall national winner which will be announced at an awards reception in March.
Fiona Curtin, buy-to-let expert at Bradford & Bingley said: The last few years have seen a huge growth in the number of women investing in property. These awards recognise their successes, the challenges they’ve overcome and ultimately act as an inspiration for more women to become part of this growing property sector.
Nomination forms can be found within all Bradford & Bingley branches across the UK or online by visiting www.propertywomanoftheyear.co.uk. Entries close 15 January, 2008.
Back to: News Index