More single women buying homes

2011-05-09 09:37

More single women are buying homes, with the number rising significantly over the last four years, according to a mortgage company.

“The number of single female homebuyers in South Africa has risen significantly over the last four years, on the back of an increase in single person households and as women gain better positions in the workplace,” bond originator ooba said in a statement.

The ratio of women to men in single person home loan applications to ooba increased from 36.53% in January 2007 to a current level of 46.94%.

Single person applications now make up 49.65% of applications in comparison to the 50.35% of joint applications.

“The South African Constitution has enshrined equality, so it is pleasing to note that the dynamics of the historically male dominated property market has evolved,” said Jenny Rushin, Western Cape provincial sales manager at ooba.

“A steady increase in the number of women in the workplace, particularly those occupying more managerial top level jobs which command higher income earnings, has helped to shift the balance towards a more equal ratio among homebuyers.”

The increasing number of women in the workplace has had an impact on the male/female home loan application ratios.

“Now that females are more focused on creating their own wealth portfolio, credit, such as home loan finance, is far more easily accessible to them individually,” Rushin said.

Buying property had become a long term wealth creation goal for women as much as men, she added.

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