International Women’s Day 2022
With International Women’s Day just around the corner, there is no better time to turn our focus to the many women thriving in the male-dominated property sector. International Women’s Day takes place on the 8th of March and is all about celebrating women in everything they do. The property world has long been a boy’s club, and in recent years, women are making waves in the industry. More women than ever before are investing in property, leading successful careers in planning and decorating, and working tirelessly behind the scenes. Today, we are taking a closer look at women in property, and the struggles females are still facing in the industry despite their undisputed success.
Women In Property: Where It All Began
It has not always been the case that women have had the freedom to purchase property, or even open their own bank account and make financial decisions. Women have had to fight hard to gain these rights, and it wasn’t always an easy battle. Back in the 1100s in England, it was believed that married men and women were one financial entity, meaning that married women could not own property for themselves. Over time, these beliefs corrupted into the idea that husbands owned women, giving them almost no rights at all.
In 1870, the UK passed the Married Women’s Property Act which gave married women the legal right to have their own money and to inherit property. It wasn’t until 1922 when equal inheritance was finally allowed. Over the next few years, more laws were introduced allowing women to spend their own money in pubs, retire the same age as men, and receive equal pay for government jobs.
The Struggles Women In Property Face
Despite women now having the exact same rights over property as men, there are still some struggles that females face in the industry. A report from PWC revealed that just 19% of individuals who sit on the board of property companies were women, highlighting a clear career gap issue. While the number of women in property is growing, it is an industry that is notoriously difficult for women to succeed in thanks to outdated ideas and historic bias.
Career gaps aren’t the only thing in the way of women in property, but also the pay gaps that women face. It has been reported that 78% of companies in Britain are still paying men more than women. This makes it even more challenging for females to invest in property as they generally have less income than their male counterparts. The gender pay gap is a hot topic at the minute, and many businesses are working hard to put an end to the unfair issues that women face.
The Successes Of Women In Property
Women might still be facing struggles in the world or property, but it is great to see that many aren’t letting that stop them. There are more women involved in the property industry than ever before, whether that be through investing or paving careers in the sector. Last year it was revealed that 48% of buy-to-let investors in the UK were women, and a further 5 million women were residential property landlords compared to the year before. These drastic increases prove that times are changing, and they are changing quickly.
Experts in the property industry have noticed a definite shift in activity from women in the market, whether that be building, planning, decorating, or purchasing. Women today are putting their futures in their own hands and becoming savvier than ever before when it comes to financial freedom and independence. Women in property are also now being well represented in mainstream tv shows, showing the possibilities that females have in the industry.
There are specific organisations set out to support women in the property industry, such as the Women In Property Network. They aim to nurture girls who aspire for a career in property, as well as women who are already succeeding in the sector. It is all about creating opportunities, expanding knowledge, and inspiring change for women in the property and construction worlds.
At House Buy Fast, we have some incredible women working hard and paving their own success stories in the property industry. We love seeing more and more women get involved with the sector, whether that be through investing, planning, construction, or estate agency.