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

From the average house price to how many outstanding mortgages there are, we explore all the latest statistics in the UK.

Has the UK housing market recovered from the 2007/2008 financial crash? We explore all the latest mortgage statistics to see if the market has bounced back and which mortgage lenders are currently offering the best deals.

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Overview of mortgages in the UK

  • The number of mortgages with arrears of over 2.5% of the remaining balance rose by 15 a day from the beginning of the year till March 2021.
  • The outstanding value of all residential mortgage loans was £1.56 trillion as of the end of Q1 2021, which is 3.6 % higher than the year before.
  • The value of new mortgage commitments is £77.5 billion, which is 15% higher than the year before.
  • The proportion of mortgages in arrears fell to its lowest amount since 2007, at 0.94% (Q3 2019).
  • The value of gross mortgage advances in Q1 2021 was £83.3 billion, 26.5% higher than it was in Q1 2020 and the highest level since Q4 2007.
  • In April 2021, the 10-year mortgage rate was 2.58%. This is a slight increase from March 2020 when it stood at 2.36%.
  • The average UK house price reached a peak of £256,000 in March 2021.
  • There were 469,000 homeowner remortgages from July 2018 – June 2019.
  • Of those mortgages, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages.
  • On average, there are 39,000 homeowner remortgages every month in the UK.
  • Over a third (38.9%) of residential loans were remortgages in Q1 2019.

Mortgage statistics: Interest rates

March 2020 saw 10 year fixed mortgage rates drop to their lowest at 2.36%, which was good news for those looking to remortgage or buy a property for the first time. These rates have been creeping up ever since, reaching 2.58% in April 2021. Interestingly, 2 year variable rates rose to a high of 2.37%, which had not been seen since 2014. For 2 year, 3 year and 5 year fixed rates, however, there was a steady decline from 2014 to 2020. These interest rates started to rise again as 2020 came to an end. At the beginning of 2021, the decline resumed again, with percentages dropping from 2% to just over 1.5% for all.

2 year variable (%) 2 year fixed (%) 3 year fixed (%) 5 year fixed (%) 10 year fixed (%)
Mar 14 2.68 2.37 2.97 3.48 -
Jun 14 2.71 2.6 3.01 3.69 -
Sep 14 2.44 2.46 2.94 3.61 4.06
Dec 14 1.6 2.08 2.89 3.21 4
Mar 15 1.56 1.99 2.63 2.98 3.47
Jun 15 1.66 1.83 2.54 2.82 3.24
Sep 15 1.74 1.91 2.4 2.84 3.35
Dec 15 1.78 1.9 2.26 2.75 3.36
Mar 16 1.67 1.9 2.14 2.7 3.19
Jun 16 1.62 1.75 2.13 2.54 3.1
Sep 16 1.54 1.59 1.92 2.34 2.84
Dec 16 1.48 1.45 1.79 2.26 2.98
Mar 17 1.42 1.37 1.68 2.15 2.8
Jun 17 1.42 1.48 1.7 1.99 2.82
Sep 17 1.46 1.4 1.6 1.9 2.72
Dec 17 1.69 1.57 1.7 2.07 2.66
Mar 18 1.58 1.53 1.77 2.02 2.76
Jun 18 1.56 1.74 1.8 2.03 2.74
Sep 18 1.68 1.71 1.81 2.01 2.68
Dec 18 1.7 1.73 1.81 2.01 2.64
Mar 19 1.61 1.7 1.8 2.03 2.56
Jun 19 1.6 1.64 1.77 1.97 2.59
Sep 19 2.03 1.55 1.66 1.79 2.58
Dec 19 1.94 1.42 1.54 1.67 2.47
Mar 20 2.37 1.4 1.56 1.66 2.36
Apr 20 1.87 1.38 1.59 1.67 2.42
May 20 1.59 1.42 1.64 1.7 2.4
Jun 20 1.66 1.41 1.62 1.69 2.4
Jul 20 1.78 1.44 1.7 1.7 2.39
Aug 20 1.68 1.59 1.81 1.79 2.39
Sep 20 1.63 1.75 1.88 1.92 2.39
Oct 20 2.08 1.94 2.01 2.05 2.46
Nov 20 2.14 1.92 2.05 2.05 2.52
Dec 20 2.19 1.86 2.04 2 2.53
Jan 21 2.16 1.82 2.1 1.97 2.53
Feb 21 2.16 1.62 1.72 1.8 2.53
Mar 21 2.12 1.56 1.68 1.75 2.55
Apr 21 2.1 1.52 1.67 1.74 2.58

Average house prices

The average price of a house in England has been trending upwards since the financial crash. In March 2021 it was £274,615, up from £249,121 in March 2020 and £242,982 in March 2019. In comparison to Scotland, Northern Ireland and Wales, the average house price in England is much higher. In March 2021, the average house price in Wales was £185,431. In Scotland, it was £166,566 and in Northern Ireland, it was £149,178.

https://app.flourish.studio/visualisation/6396319/edit England Wales Scotland
2005 Jan £158,572 £123,815 £93,982
2005 Feb £158,609 £121,070 £93,554
2005 Mar £159,642 £123,052 £96,638
2005 Apr £161,336 £124,088 £102,739
2005 May £163,064 £126,541 £103,815
2005 Jun £164,069 £127,477 £107,989
2005 Jul £165,756 £130,529 £110,003
2005 Aug £166,440 £131,874 £110,101
2005 Sep £166,168 £131,307 £110,188
2005 Oct £165,637 £131,511 £109,598
2005 Nov £166,303 £130,826 £108,994
2005 Dec £167,244 £129,673 £110,714
2006 Jan £166,544 £129,914 £109,380
2006 Feb £166,896 £132,218 £107,355
2006 Mar £168,001 £133,581 £111,484
2006 Apr £171,129 £134,018 £116,209
2006 May £172,699 £135,043 £118,876
2006 Jun £174,231 £138,538 £120,454
2006 Jul £176,164 £138,355 £122,702
2006 Aug £177,603 £140,227 £124,427
2006 Sep £178,275 £140,180 £126,392
2006 Oct £178,927 £139,801 £123,482
2006 Nov £179,718 £141,553 £125,396
2006 Dec £182,031 £142,521 £127,707
2007 Jan £181,824 £139,760 £126,699
2007 Feb £182,397 £143,455 £124,280
2007 Mar £183,712 £141,453 £129,092
2007 Apr £186,711 £144,844 £135,581
2007 May £188,814 £145,951 £138,765
2007 Jun £190,822 £147,402 £141,897
2007 Jul £193,360 £147,245 £141,815
2007 Aug £194,328 £150,316 £143,287
2007 Sep £194,764 £149,164 £142,294
2007 Oct £194,700 £149,825 £139,547
2007 Nov £194,502 £148,509 £141,524
2007 Dec £194,373 £147,362 £139,736
2008 Jan £191,750 £146,364 £138,388
2008 Feb £190,066 £144,636 £137,508
2008 Mar £188,657 £141,503 £137,848
2008 Apr £189,115 £141,804 £139,328
2008 May £189,777 £142,749 £145,641
2008 Jun £187,350 £141,876 £141,555
2008 Jul £185,844 £137,901 £139,710
2008 Aug £181,494 £139,660 £137,784
2008 Sep £177,232 £132,625 £132,420
2008 Oct £173,249 £133,991 £133,839
2008 Nov £168,230 £131,304 £129,820
2008 Dec £165,795 £129,403 £125,767
2009 Jan £162,673 £125,021 £124,484
2009 Feb £160,956 £124,029 £120,994
2009 Mar £159,340 £123,104 £125,727
2009 Apr £160,701 £125,355 £126,975
2009 May £162,740 £127,350 £130,699
2009 Jun £164,536 £125,948 £132,049
2009 Jul £167,673 £128,279 £133,126
2009 Aug £169,603 £128,768 £132,658
2009 Sep £171,214 £129,232 £131,727
2009 Oct £172,314 £130,696 £132,914
2009 Nov £172,818 £131,131 £134,183
2009 Dec £174,136 £132,978 £133,037
2010 Jan £174,458 £127,733 £128,973
2010 Feb £175,248 £127,958 £126,524
2010 Mar £174,765 £130,677 £128,897
2010 Apr £176,796 £131,747 £133,162
2010 May £177,754 £132,483 £132,977
2010 Jun £178,655 £131,877 £134,249
2010 Jul £180,519 £134,036 £135,444
2010 Aug £180,807 £132,453 £133,825
2010 Sep £180,231 £133,167 £133,756
2010 Oct £178,102 £133,140 £133,750
2010 Nov £176,301 £127,443 £131,509
2010 Dec £176,036 £128,963 £129,758
2011 Jan £174,442 £127,771 £129,746
2011 Feb £173,811 £127,961 £125,916
2011 Mar £173,046 £125,133 £126,172
2011 Apr £175,490 £129,222 £129,848
2011 May £174,668 £128,085 £129,832
2011 Jun £174,838 £128,270 £131,209
2011 Jul £177,164 £128,564 £133,429
2011 Aug £177,335 £129,395 £132,518
2011 Sep £176,783 £131,017 £131,949
2011 Oct £175,171 £127,698 £129,122
2011 Nov £175,200 £130,415 £128,206
2011 Dec £174,812 £127,397 £125,924
2012 Jan £174,179 £127,097 £125,728
2012 Feb £174,161 £126,324 £121,886
2012 Mar £174,323 £126,231 £125,412
2012 Apr £176,543 £128,163 £125,134
2012 May £177,026 £128,349 £126,455
2012 Jun £178,696 £129,986 £128,361
2012 Jul £179,756 £129,342 £127,491
2012 Aug £180,129 £128,860 £126,734
2012 Sep £179,563 £127,952 £125,823
2012 Oct £178,412 £126,881 £124,617
2012 Nov £178,662 £128,452 £123,166
2012 Dec £178,406 £127,143 £122,180
2013 Jan £176,816 £127,584 £122,594
2013 Feb £177,203 £125,702 £120,180
2013 Mar £178,189 £126,975 £121,357
2013 Apr £179,900 £126,671 £123,409
2013 May £180,621 £128,640 £125,358
2013 Jun £182,088 £129,380 £127,118
2013 Jul £184,274 £128,501 £128,421
2013 Aug £185,642 £130,842 £129,781
2013 Sep £186,082 £130,085 £127,777
2013 Oct £185,358 £128,089 £127,413
2013 Nov £186,260 £130,029 £128,629
2013 Dec £188,544 £128,581 £127,018
2014 Jan £188,265 £131,603 £127,007
2014 Feb £189,347 £132,349 £125,034
2014 Mar £190,037 £130,464 £126,650
2014 Apr £194,251 £132,656 £129,596
2014 May £196,171 £135,527 £131,677
2014 Jun £197,951 £135,019 £133,444
2014 Jul £200,825 £135,571 £135,161
2014 Aug £203,406 £136,710 £135,575
2014 Sep £203,639 £138,218 £134,807
2014 Oct £203,311 £136,630 £135,016
2014 Nov £202,704 £136,898 £133,334
2014 Dec £203,346 £136,904 £132,669
2015 Jan £202,856 £136,148 £134,956
2015 Feb £203,424 £135,611 £132,572
2015 Mar £203,360 £135,231 £139,792
2015 Apr £205,936 £137,039 £134,030
2015 May £208,265 £137,553 £135,678
2015 Jun £209,874 £138,478 £136,923
2015 Jul £213,518 £139,213 £139,051
2015 Aug £215,756 £140,651 £138,564
2015 Sep £216,350 £140,248 £138,246
2015 Oct £216,676 £140,912 £137,660
2015 Nov £218,500 £140,974 £138,475
2015 Dec £219,582 £141,520 £136,702
2016 Jan £220,361 £140,015 £136,790
2016 Feb £220,627 £142,712 £134,625
2016 Mar £222,663 £141,617 £136,243
2016 Apr £223,784 £141,925 £136,446
2016 May £226,370 £144,296 £138,256
2016 Jun £228,430 £146,447 £140,234
2016 Jul £230,868 £146,353 £142,294
2016 Aug £231,176 £145,384 £140,881
2016 Sep £230,848 £144,976 £140,533
2016 Oct £229,944 £146,658 £139,631
2016 Nov £231,053 £146,278 £140,852
2016 Dec £231,922 £146,442 £138,206
2017 Jan £231,593 £146,395 £138,356
2017 Feb £232,696 £145,837 £136,011
2017 Mar £231,760 £147,794 £136,891
2017 Apr £235,021 £149,900 £141,091
2017 May £236,727 £147,428 £142,070
2017 Jun £238,595 £150,394 £143,634
2017 Jul £241,406 £151,028 £147,566
2017 Aug £242,628 £152,859 £147,234
2017 Sep £242,041 £153,227 £144,530
2017 Oct £242,003 £155,033 £145,058
2017 Nov £241,086 £153,109 £146,350
2017 Dec £242,378 £153,791 £145,235
2018 Jan £241,061 £153,128 £146,889
2018 Feb £241,989 £153,210 £145,982
2018 Mar £240,428 £154,022 £144,655
2018 Apr £242,396 £153,574 £148,427
2018 May £243,445 £154,756 £148,621
2018 Jun £244,962 £156,864 £149,960
2018 Jul £247,981 £158,626 £151,777
2018 Aug £248,620 £161,024 £152,138
2018 Sep £248,248 £160,265 £151,446
2018 Oct £247,757 £160,955 £151,528
2018 Nov £246,940 £160,158 £149,556
2018 Dec £246,380 £162,234 £148,269
2019 Jan £244,641 £158,548 £149,769
2019 Feb £244,427 £159,018 £146,892
2019 Mar £242,982 £159,904 £149,625
2019 Apr £244,662 £161,456 £150,794
2019 May £244,928 £161,628 £151,417
2019 Jun £245,846 £162,908 £152,680
2019 Jul £248,468 £164,440 £154,776
2019 Aug £249,221 £168,215 £154,195
2019 Sep £249,637 £164,414 £154,874
2019 Oct £248,842 £166,281 £153,953
2019 Nov £247,867 £168,516 £152,528
2019 Dec £248,097 £166,433 £150,287
2020 Jan £247,898 £163,205 £153,518
2020 Feb £246,739 £165,953 £149,582
2020 Mar £249,121 £167,040 £150,625
2020 Apr £246,441 £160,220 £151,478
2020 May £246,986 £162,741 £152,044
2020 Jun £250,865 £167,653 £154,871
2020 Jul £253,460 £169,281 £154,059
2020 Aug £256,143 £173,878 £154,391
2020 Sep £258,563 £170,982 £160,065
2020 Oct £260,626 £177,203 £163,171
2020 Nov £264,077 £179,589 £164,564
2020 Dec £267,363 £182,474 £162,098
2021 Jan £267,675 £182,041 £163,954
2021 Feb £269,976 £179,857 £161,970
2021 Mar £274,615 £185,431 £166,566

House prices to earnings ratio

With the cost of a house on the rise, how have prices moved relative to our earnings? The house price to earnings ratio compares the median house price to the median gross annual income. Over the 16 years from 2002 to 2018, the house price to earnings ratio has risen from 5 to 7.8. This means that there has been more than a 50% rise in the cost of a house relative to our earnings.

Time period House price to Earning ratio - England and Wales
2002 5.05
2003 5.84
2004 6.52
2005 6.73
2006 6.95
2007 7.16
2008 6.89
2009 6.35
2010 6.83
2011 6.73
2012 6.76
2013 6.73
2014 6.95
2015 7.37
2016 7.59
2017 7.77
2018 7.83

How does your region compare?

The house price to earnings ratio differs by region, with London being the region with the highest ratio of over 13 in 2018. The North East, on the other hand, is the most affordable region relative to earnings, with a ratio of just over 5.

Region House price to Earning ratio
England and Wales 7.83
England 8
North East 5.29
North West 5.82
Yorkshire and The Humber 5.95
East Midlands 6.7
West Midlands 6.8
East 9.12
London 13.09
South East 9.93
South West 8.76
Wales 5.73

Mortgage statistics: Number of approvals

By the end of 2020, as the UK entered another lockdown, unemployment rates reached a new low of 5% after a steady decline since March 2020. As jobs disappeared and salaries were cut, the number of people who were eligible for a mortgage also began to drop. To make it worse, the Bank of England also took a stricter approach when handing out loan approvals for potential buyers. Mortgage approvals were rising steadily at the beginning of 2020 but started decreasing in March when the number of approvals fell to 57,282 – a 22% drop. Even more shocking are the figures from April 2020, which show that the number of loan approvals dropped to just 16,130 – 72% less than March. May saw loan approvals reach a disturbing low of 9,435 before climbing up again in June.

Date
Jan 2016
Feb 2016
Mar 2016
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May 2016
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Sep 2016
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Jan 2017
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Sep 2017
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Jan 2018
Feb 2018
Mar 2018
Apr 2018
May 2018
Jun 2018
Jul 2018
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019
Feb 2019
Mar 2019
Apr 2019
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Jan 2020
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Jan 2021
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Apr 2021

Mortgages in arrears

In the first quarter of 2021, a majority of mortgages in arrears were owned by homeowners rather than those doing buy-to-let. Specifically, 77,640 homeowners had mortgages in arrears, while those with buy-to-let had just 5,970. Looking at the breakdown by arrear type, it’s clear that most homeowner and buy-to-let customers in the UK have 2.5-5% of their mortgage balance in arrears. 28,100 homeowner mortgages have 2.5-5% of their balance in arrears, and 2,680 buy-to-let mortgages have 2.5-5% of their balance in arrears.

This number begins to lessen as the percentage in arrears increases. Those with arrears of 7.5-10% have the smallest number of mortgages in the UK for both homeowners and buy-to-let customers, making this the most uncommon arrear percentage in the UK.

Type of mortgage Number in arrears
Homeowner 77,640
Buy-to-let 5,970

Mortgage statistics: What type of remortgages are people taking?

Remortgaging your house can be a way of releasing equity or simply changing the terms of your mortgage or switching providers. In the last 12 months, there were 469,000 homeowner remortgages. Of these, 231,000 were equity withdrawn remortgages and 238,000 were refinancing remortgages (with no money withdrawn).

Type of remortgages Number of homeowner remortgages (Jul-18 - Jun 19)
Equity withdrawn remortgages 231,350
Simple refinance 238,160
Total number of remortgages 469,510

Should Brits take a mortgage holiday?

Our analysis looks at what repayment holidays might mean in the long term for mortgage holders in three different scenarios:

  • Scenario 1: First-time buyer, 1 year into their 30-year mortgage of £170,000.
  • Scenario 2: Mid-late 30s with a family, with a 20-year mortgage worth £220,000.
  • Scenario 3: Older homeowner, with 7 years left to pay their remaining mortgage balance of £55,000.

  • Table 1: Mortgage scenarios
  • Taking these three scenarios into account, Table 1 below shows what the monthly repayments and total repayments would be in normal circumstances.

  • Table 2: Taking a mortgage holiday
  • In response to the coronavirus pandemic, the government encouraged providers to offer mortgage holidays that last up to 3 months for those who request them. Finder has calculated how much monthly repayments would go up by after a mortgage holiday for each of the three scenarios. Table 2 also shows how much would be paid over the whole lifetime of the mortgage in each case.

  • Table 3: An alternative: Extending the length of the mortgage by 2 years
  • Instead of a mortgage holiday, some lenders will allow the term of a mortgage to be extended. So while you won’t be able to skip any payments like you would with a mortgage holiday, the monthly repayments would be permanently lower for the remainder of the mortgage term. But because the mortgage goes on for longer, the amount repaid in total would be more than if you had not extended the term. Table 3 below examines the costs of extending the mortgage for 2 years for each of the scenarios in question.

  • Table 4: An alternative: The impact of a 6 month holiday
  • On 22nd May 2020 the government announced that mortgage holidays could be extended for a further 3 months, meaning those that needed to could take a 6 month mortgage holiday in total. We looked at the impact of a 6 month holiday on monthly repayments and overall cost below.

Scenario Years left Mortgage balance Total payable Monthly repayment
Scenario 1: First-time buyer 29 £170,000.00 £254,739.48 £732.01
Scenario 2: Mid-late 30s with family 20 £220,000.00 £292,826.40 £1,220.11
Scenario 3: Older homeowner 7 £55,000.00 £61,045.32 £726.73
Scenario Years left Mortgage balance Total payable after holiday Monthly repayment after holiday
Scenario 1: First-time buyer 29 £170,000.00 £255,831.30 £741.54
Scenario 2: Mid-late 30s with family 20 £220,000.00 £294,034.05 £1,240.65
Scenario 3: Older homeowner 7 £55,000.00 £61,282.17 £756.57
Scenario Years left Mortgage balance Total payable after extending Monthly repayment after extending
Scenario 1: First-time buyer 31 £170,000.00 £261,327.45 £702.49
Scenario 2: Mid-late 30s with family 22 £220,000.00 £300,793.75 £1,139.37
Scenario 3: Older homeowner 9 £55,000.00 £62,827.03 £581.73
Scenario Years left Mortgage balance Total payable after holiday Monthly repayments after holiday
Scenario 1 – First-time buyer (1 year in) 29 £170,000.00 £256,927.50 £751.25
Scenario 2 – Early 40's with family 20 £220,000.00 £295,247.16 £1,261.74
Scenario 3 – Late 50s looking to end of mortgage 7 £55,000.00 £61,520.16 £788.72

Matthew Boyle, mortgage specialist, reflects on the the housing market through the pandemic

"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 £1.49 trillion – 3.9% higher than it was a year earlier.

The housing market has already seen a recent uptick, and it's not just London or the south-east where the residential property market is looking positive. 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 a variable home loan."

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