Mortgage statistics: The average UK mortgage size, payments and debt

What are the latest statistics for UK mortgages? Discover the average mortgage size, house price and more.

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After the financial crash in 2007/08 has the UK housing market recovered? We explore all the latest statistics to see if the market has bounced back or not and which mortgage lenders are currently offering the best deals.

Overview of mortgages in the UK

  • £137,934 is currently the average UK mortage debt in 2020
  • 87% fall in mortgage approvals from February to May 2020 due to COVID-19
  • £227,283 was the average house price in March 2020, 2% higher than March 2019

What is the size of the mortgage market?

  • The outstanding value of all residential mortgages was £1.5 trillion at the end of 2020 Q1, 3.9% higher than a year earlier
  • The value of gross mortgage advances was £65.8 billion in Q1 2020, 3.8% higher than in Q1 2019
  • The value of mortgage advances (gross) in Q1 2020 was £65.7 billion, up 3.8% from Q1 in the previous year
  • Over £275 billion was borrowed in 2019 for mortgages alone
  • Compared to last year, the value of new mortgage commitments was 6% higher in 2020, at £67.6 billion
  • The proportion of mortgages in arrears fell to its lowest amount since 2007, at 0.94% (Q3 2019)
  • There are 10.94 million outstanding mortgages in the UK (May 2019)
Mortgage type Percentage of mortgages taken out in 2016 Percentage of mortgages taken out in 2019
Homeowner 83.30% 86%
Buy-to-let 16.70% 14%

Average mortgage size

How big is the average mortgage in the UK?

  • Outstanding mortgage lending stood at £1.5 trillion in Q1 2020
  • There are 10.94 million mortgages in the UK
  • Based on this, the average mortgage debt amounts to £137,934

Average house price

The average price of a house has been trending upwards since the financial crash. The average house price in March 2020 was £231,855, up from £227,283 in March 2019.

Period Average price all property types
March 2020 £231,855
February 2020 £232,320
January 2020 £233,027
December 2019 £231,996
November 2019 £235,298
October 2019 £234,317
September 2019 £234,759
August 2019 £234,306
July 2019 £233,125
June 2019 £230,452
May 2019 £229,200
April 2019 £228,990
March 2019 £227,283
February 2019 £227,786
January 2019 £228,400
December 2018 £229,800
November 2018 £230,224
October 2018 £231,211
September 2018 £231,454
August 2018 £231,898
July 2018 £231,187
June 2018 £228,355
May 2018 £226,834
April 2018 £225,910
March 2018 £223,772
February 2018 £225,131
January 2018 £224,544
December 2017 £225,330
November 2017 £224,453
October 2017 £225,092
September 2017 £224,895
August 2017 £225,738
July 2017 £224,719
June 2017 £221,833
May 2017 £219,954
April 2017 £218,642
March 2017 £215,236
February 2017 £215,697
January 2017 £215,243
December 2016 £215,500
November 2016 £215,113
October 2016 £214,107
September 2016 £214,816
August 2016 £215,145
July 2016 £215,127
June 2016 £212,887
May 2016 £210,872
April 2016 £208,443
March 2016 £207,667
February 2016 £205,555
January 2016 £205,464
December 2015 £204,920
November 2015 £204,223
October 2015 £202,664
September 2015 £202,389
August 2015 £201,973
July 2015 £200,142
June 2015 £196,802
May 2015 £195,313
April 2015 £193,225
March 2015 £191,537
February 2015 £190,827
January 2015 £190,665
December 2014 £191,669
November 2014 £191,209
October 2014 £191,855
September 2014 £192,138
August 2014 £191,932
July 2014 £189,709
June 2014 £187,077
May 2014 £185,476
April 2014 £183,532
March 2014 £179,537
February 2014 £178,921
January 2014 £178,182
December 2013 £177,971
November 2013 £176,352
October 2013 £175,378
September 2013 £176,098
August 2013 £175,982
July 2013 £174,592
June 2013 £172,655
May 2013 £171,234
April 2013 £170,335
March 2013 £168,681
February 2013 £167,682
January 2013 £167,716
December 2012 £168,843
November 2012 £169,227
October 2012 £169,090
September 2012 £170,295
August 2012 £170,902
July 2012 £170,701
June 2012 £170,049
May 2012 £168,395
April 2012 £167,854
March 2012 £165,947
February 2012 £165,457
January 2012 £165,908
December 2011 £167,048
November 2011 £167,757
October 2011 £167,673
September 2011 £169,544
August 2011 £169,968
July 2011 £169,866
June 2011 £167,753
May 2011 £167,470
April 2011 £168,218
March 2011 £165,649
February 2011 £166,415
January 2011 £167,300
December 2010 £168,703
November 2010 £169,013
October 2010 £171,045
September 2010 £172,972
August 2010 £173,417
July 2010 £173,427
June 2010 £171,689
May 2010 £170,846
April 2010 £170,028
March 2010 £167,878
February 2010 £167,888
January 2010 £167,469
December 2009 £168,082
November 2009 £166,986
October 2009 £166,425
September 2009 £165,314
August 2009 £164,025
July 2009 £162,423
June 2009 £159,561
May 2009 £158,004
April 2009 £155,852
March 2009 £154,452
February 2009 £155,417
January 2009 £157,234
December 2008 £160,954
November 2008 £163,447
October 2008 £168,177
September 2008 £171,660
August 2008 £176,092
July 2008 £179,845
June 2008 £181,831
May 2008 £184,267
April 2008 £183,148
March 2008 £182,845
February 2008 £184,185
January 2008 £185,782
December 2007 £189,193
November 2007 £189,489
October 2007 £189,589
September 2007 £190,032
August 2007 £189,786
July 2007 £188,691
June 2007 £186,348
May 2007 £184,330
April 2007 £182,243
March 2007 £178,636
February 2007 £177,261
January 2007 £176,758
December 2006 £176,819
November 2006 £174,644
October 2006 £173,750
September 2006 £172,738
August 2006 £172,037
July 2006 £170,604
June 2006 £168,184
May 2006 £166,606
April 2006 £165,042
March 2006 £161,531
February 2006 £160,231
January 2006 £159,970
December 2005 £160,209
November 2005 £159,337
October 2005 £158,865
September 2005 £159,183
August 2005 £159,431
July 2005 £158,786
June 2005 £156,767
May 2005 £155,533
April 2005 £153,880
March 2005 £151,723
February 2005 £150,488
January 2005 £150,633
December 2004 £150,734
November 2004 £151,847
October 2004 £152,050
September 2004 £150,937
August 2004 £151,240
July 2004 £149,520
June 2004 £146,384
May 2004 £143,855
April 2004 £142,135
March 2004 £135,964
February 2004 £135,661
January 2004 £136,976
December 2003 £136,167
November 2003 £133,536
October 2003 £135,054
September 2003 £132,727
August 2003 £133,132
July 2003 £130,805
June 2003 £128,579
May 2003 £128,276
April 2003 £129,186
March 2003 £126,152
February 2003 £123,521
January 2003 £124,836
December 2002 £125,747
November 2002 £121,700
October 2002 £120,486
September 2002 £119,576
August 2002 £116,743
July 2002 £114,214
June 2002 £113,304
May 2002 £108,852
April 2002 £106,121
March 2002 £104,705
February 2002 £101,164
January 2002 £97,623
December 2001 £97,964
November 2001 £97,964
October 2001 £97,964
September 2001 £99,971
August 2001 £99,971
July 2001 £99,971
June 2001 £96,499
May 2001 £96,499
April 2001 £96,499
March 2001 £93,136
February 2001 £93,136
January 2001 £93,136
December 2000 £93,624
November 2000 £93,624
October 2000 £93,624
September 2000 £90,912
August 2000 £90,912
July 2000 £90,912
June 2000 £89,230
May 2000 £89,230
April 2000 £89,230
March 2000 £84,620
February 2000 £84,620
January 2000 £84,620

Mortgages and COVID-19

We’re all aware that 2020 hasn’t played out how we thought it would due to the pandemic and its effects are still giving businesses a hard time. As jobs keep disappearing and salaries continue to be cut, the number of people who are eligible for a mortgage is dropping. To make it worse, the Bank of England is taking a harder approach when it comes to handing out approvals.

The Bank of England mortgage approvals were rising steadily at the beginning of the year but started descreasing in March when the number of approvals fell by 24% from February to March. Between March and April, they fell another 72%.

In total, the mortgage approvals have fallen 87% over the past 4 months, from approving £73.5 million in February 2020 to only £9.3 million in May.

Date Actual Forecast
May 2020 9,273 35,572
Apr 2020 15,848 64,170
Mar 2020 56,161 71,624
Feb 2020 73,546 68,455
Jan 2020 70,888 65,487
Dec 2019 67,241 64,435
Nov 2019 64,994 64,201
Oct 2019 64,602 65,358
Sep 2019 65,919 66,489
Aug 2019 65,545 67,789
Jul 2019 67,306 67,201
Jun 2019 66,440 65,990
May 2019 65,409 64,482
Apr 2019 66,261 63,787
Mar 2019 62,341 66,012
Feb 2019 64,337 66,012
Jan 2019 66,766 63,971
Dec 2018 63,793 66,107
Nov 2018 63,728 66,676
Oct 2018 67,086 66,676
Sep 2018 65,269 67,709
Aug 2018 66,440 65,121
Jul 2018 64,768 65,121
Jun 2018 65,619 63,307
May 2018 64,526 62,528
Apr 2018 62,455 63,190
Mar 2018 62,914 64,738
Feb 2018 63,910 64,364
Jan 2018 67,478 64,250
Dec 2017 61,039 64,527
Nov 2017 65,139 64,371
Oct 2017 64,575 64,167
Sep 2017 66,232 65,145
Aug 2017 66,580 67,390
Jul 2017 68,689 66,429
Jun 2017 64,684 68,712
May 2017 65,202
Apr 2017 64,645
Mar 2017 66,837
Feb 2017 68,315
Jan 2017 69,928
Dec 2016 67,898
Nov 2016 67,505
Oct 2016 67,518
Sep 2016 62,932
Aug 2016 60,058
Jul 2016 60,912
Jun 2016 64,766
May 2016 67,000

First-time buyers

Getting your foot on the property ladder is a major milestone in your life.

  • So far, in 2020, the average mortgage size for first-time buyers was £170,301
  • There were 351,000 first-time buyer mortgages completed in 2019
  • This is a 5% decrease from 2018
  • However, 2018 was the highest number of first-time buyer mortgages since 2006 (402,800)
  • Over 60% of first-time buyers get mortgages with terms more than 25 years

Remortgage statistics

Remortgaging is the act of switching your existing mortgage to a new deal. This might be to raise some cash, reduce the interest rate on your mortgage or consolidate your debts for example.

  • There were 16,820 new remortgages with additional borrowing in December 2019
  • This is 5.9% more than in the same month in 2018
  • The average additional amount borrowed in November was £50,702
  • There were 16,490 new pound-for-pound remortgages (with no additional borrowing) in November 2019, 0.5% fewer than in December 2018

Mortgages in arrears

If your mortgage is in arrears it means your payments are overdue – this is expressed as a percentage of your total outstanding balance.

  • There are 72,380 homeowner mortgages in arrears of 2.5% or more of the outstanding balance (Q1 2020)
  • This is 6% lower than in Q1 2019
  • Within this total, 22,050 homeowner mortgages were in significant arrears (representing 10% or more of the outstanding balance)
  • There are 4,420 buy-to-let mortgages in arrears of 2.5% or more of the outstanding balance (Q1 2020)
  • 12 properties were repossessed every day in Q1 2020
  • This amounts to one property every two hours

2 hours

Every two hours a property was repossessed in Q1 2020.

Mortgage insights

Finder’s mortgage expert Matthew Boyle’s best advice

Matthew Boyle
  • The UK’s coronavirus lockdown saw the housing market – and the mortgage market – effectively paused during spring 2020. Many lenders cut the number of products they had on offer, particularly at higher LTVs, as they concentrated on their existing mortgage customers and dealing with mortgage holiday requests. However, as property viewings and sale completions started to return post-lockdown, the housing market has shown to be surprisingly robust in terms of asking prices. In turn, we are beginning to see a larger number of mortgage deals become available to home buyers again.
  • Despite a flat few years in the country’s house-selling sector, the size of the UK’s mortgage market has remained steady. In the third quarter of 2019, the outstanding value of all residential mortgage loans stood at £1,486 billion – 3.9% higher than a year earlier.
  • The number of first-time buyer mortgages and the number of loans for home movers were both on the up last year. It’s a trend that looks set to continue in 2020. The housing market has already seen a recent uptick, possibly due to post-election confidence and the annual spring bounce in property sales.
  • It’s not just London or the south-east where the residential property market is looking positive. The latest data released by the Land Registry showed that December 2019 was the first month since February 2018 that property prices rose across every region in the UK.
  • With interest rates remaining comparatively low and demand for property staying relatively high, the mortgage market continues to be a competitive space. Would-be house buyers and movers will be looking for the best rates on mortgages from their lenders, whether opting for a fixed rate or variable home loan.

Sources used

  • The Money Charity
  • UK Finance
  • CML
  • BSA

Click here for more research. For all media enquiries, please contact

Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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