…and they mean business!
New research into women in the property market has finally banished the stereo-type 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, the women surveyed are master multi-taskers, as ambitious and switched on as their male counterparts.
The survey of over 1000 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
On top of this, 42% (35% who have plus 7% who have and would again) take on much of the renovation/improvement work themselves
And, 90% deal personally with tradespeople, 48% of which feel that tradespeople quote them higher prices just because they’re a woman
Despite all of this juggling though, a quarter (26%) intend to invest in further properties within the next 12 months
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, which recognise the success of women in the property investment market, are endorsed by actress Fiona Fullerton, now a highly respected and successful property investor.
Women in property are here to stay
Independent women are seeing the value in property to support their financial futures:
Third of women in property (34%) were 30 or under when they bought their first investment property, bucking the national average of 34 years old
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
59% cite investment potential as a key motivator to buy
47% see property as a pension replacement
DIT – doing it themselves
The survey revealed that women are performing home improvement work themselves:
71% have or would take on much of the renovation/improvement work themselves (and we’re not talking about hanging curtains) –
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 tradespeople 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.
Reaping the rewards
The financial returns are proving a strong incentive to women who 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
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.”
Bradford & Bingley Property Women of the Year Award search:
The Bradford & Bingley Property Woman of the Year Awards launches nationally today. Winners from each region will be selected as well as an overall national winner which will be announced at an awards reception in March. 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.
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.”
All statistics quoted above are taken from Bradford & Bingley’s survey into women in buy-to-let commissioned through YouGov.
YouGov conducted the survey between 22nd – 29th of August, 2007 on a sample of 1,025 female property investors. The survey was online. The data is unweighted.
As with any form of investment, Bradford & Bingley would always recommend that people take a long-term view of the market and fully research the area in which they are buying.
Bradford & Bingley, 19 September 2007