Mortgage Statistics

What are the latest statistics for UK mortgages?

02 Jul 2018
After the financial crash in 2007/08 how has the UK housing market recovered? We explore all the latest statistics to see if the housing market has bounced back or not.

Quick overview

What is the size of the mortgage market?

  • There are 11.1 million mortgages in the UK.
  • The UK mortgage market is worth more than £1.3 trillion.
  • The UK is the largest in Europe in terms of amount lent and total value of outstanding loans.
  • Over £245 billion was borrowed in 2016 for mortgages alone.
  • House prices have risen 4.5% in the last 12 months (January 2018).
  • Interest on mortgage payments amounts to an average of £3,154 a year.
  • The average Brit will pay off their mortgage by the time they are 69.

Types of mortgages compared

Types of mortgages compared

Mortgage TypePercentage of mortgages taken out in 2016
Homeowner83.3%
Buy-to-let16.7%

Average mortgage size

How big is the average mortgage in the UK?

  • Outstanding mortgage lending stood at £1.370 trillion in February 2018.
  • There are 11.1 million mortgages in the UK.
  • Based off of this, the average mortgage debt amounts to £123,423.
  • The average mortgage interest rate was 2.63% at the end of February 2018.
  • Based on this, the average interest payments would amount to £3,154 a year alone.

4.5%

The average house price has risen 4.5% in February 2017 compared to 12 months ago.

Average house price in the UK.

Average house price in the UK.

DateAverage Price
Jan 2005£150,633
Feb 2005£150,488
Mar 2005£151,723
Apr 2005£153,880
May 2005£155,533
Jun 2005£156,767
Jul 2005£158,786
Aug 2005£159,431
Sep 2005£159,183
Oct 2005£158,865
Nov 2005£159,337
Dec 2005£160,209
Jan 2006£159,970
Feb 2006£160,231
Mar 2006£161,531
Apr 2006£165,042
May 2006£166,606
Jun 2006£168,184
Jul 2006£170,604
Aug 2006£172,037
Sep 2006£172,738
Oct 2006£173,750
Nov 2006£174,644
Dec 2006£176,819
Jan 2007£176,758
Feb 2007£177,261
Mar 2007£178,636
Apr 2007£182,243
May 2007£184,330
Jun 2007£186,348
Jul 2007£188,691
Aug 2007£189,786
Sep 2007£190,032
Oct 2007£189,589
Nov 2007£189,489
Dec 2007£189,193
Jan 2008£185,782
Feb 2008£184,185
Mar 2008£182,845
Apr 2008£183,148
May 2008£184,267
Jun 2008£181,831
Jul 2008£179,845
Aug 2008£176,092
Sep 2008£171,660
Oct 2008£168,177
Nov 2008£163,447
Dec 2008£160,954
Jan 2009£157,234
Feb 2009£155,417
Mar 2009£154,452
Apr 2009£155,852
May 2009£158,004
Jun 2009£159,561
Jul 2009£162,423
Aug 2009£164,025
Sep 2009£165,314
Oct 2009£166,425
Nov 2009£166,986
Dec 2009£168,082
Jan 2010£167,469
Feb 2010£167,888
Mar 2010£167,878
Apr 2010£170,028
May 2010£170,846
Jun 2010£171,689
Jul 2010£173,427
Aug 2010£173,417
Sep 2010£172,972
Oct 2010£171,045
Nov 2010£169,013
Dec 2010£168,703
Jan 2011£167,300
Feb 2011£166,415
Mar 2011£165,649
Apr 2011£168,218
May 2011£167,470
Jun 2011£167,753
Jul 2011£169,866
Aug 2011£169,968
Sep 2011£169,544
Oct 2011£167,673
Nov 2011£167,757
Dec 2011£167,048
Jan 2012£165,908
Feb 2012£165,457
Mar 2012£165,947
Apr 2012£167,854
May 2012£168,395
Jun 2012£170,049
Jul 2012£170,701
Aug 2012£170,902
Sep 2012£170,295
Oct 2012£169,090
Nov 2012£169,227
Dec 2012£168,843
Jan 2013£167,716
Feb 2013£167,682
Mar 2013£168,681
Apr 2013£170,335
May 2013£171,234
Jun 2013£172,655
Jul 2013£174,592
Aug 2013£175,982
Sep 2013£176,098
Oct 2013£175,378
Nov 2013£176,352
Dec 2013£177,971
Jan 2014£178,182
Feb 2014£178,921
Mar 2014£179,537
Apr 2014£183,532
May 2014£185,476
Jun 2014£187,077
Jul 2014£189,709
Aug 2014£191,932
Sep 2014£192,138
Oct 2014£191,855
Nov 2014£191,209
Dec 2014£191,669
Jan 2015£190,665
Feb 2015£190,827
Mar 2015£191,537
Apr 2015£193,225
May 2015£195,313
Jun 2015£196,802
Jul 2015£200,141
Aug 2015£201,973
Sep 2015£202,389
Oct 2015£202,663
Nov 2015£204,222
Dec 2016£204,919
Jan 2016£205,462
Feb 2016£205,590
Mar 2016£207,339
Apr 2016£208,443
May 2016210872.0
Jun 2016212887.0
Jul 2016215127.0
Aug 2016£215,143
Sep 2016£214,786
Oct 2016£214,115
Nov 2016£215,117
Dec 2016£215,508
Jan 2017£215,084
Feb 2017£215,639
Mar 2017£215,226
Apr 2017£218,446
May 2017£219,990
Jun 2017£222,004
Jul 2017£224,861
Aug 2017£225,565
Sep 2017£225,610
Oct 2017£226,372
Nov 2017£225,932
Dec 2017£226,756

Mortgage payments as a percentage of disposable income

Explore the map below to see how much mortgage payments make up of disposable income for different regions across the U.K.

70 %Country

First-time buyers

Getting your foot on the property ladder is a major milestone in your life, but at what age are people buying their first home?

  • Average first-time buyer in the UK is 30 years old.
  • The average first-time buyer has an average income of £41,000.
  • There were 24,500 new first-time buyer mortgages in January 2018.
  • This is 7% higher than in January 2017.
  • Year-on-year this is 11.1% higher.

By region

In 2016, there were over 300,000 first-time buyers across the United Kingdom, but where did they buy their homes?

  • Northern Ireland: 8,000 first-time buyers.
  • Wales: 14,700 first-time buyers.
  • Scotland: 31,400 first-time buyers.
  • England: 284,700 first-time buyers.

43,300

The number of first-time buyers from England buying in the Greater London area.

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.

  • In January 2018 there were 49,800 new homeowner remortgages.
  • This is 19.1% higher than in January 2017.
  • This figure is the highest monthly remortgages since November 2008 (51,300).
  • The £8.9 billion of remortgaging in January 2018 was 20.3% more year-on-year.
  • There were 16,500 buy-to-let remortgages completed in January 2018.
  • This is 17.9% higher than in January 2017.
  • By value this represents £2.6 billion of remortgage lending – 18.2% more year-on-year.

49,800

Homeowner remortgages, in January 2018, is the highest figure since November 2008.

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.

  • Of the 11.1 million mortgages in the UK, 82,800 home-owner and 5,100 buy-to-let mortgages are in arrears of 2.5% or more.
  • In total this means there are 87,900 mortgages in arrears of 2.5% or more, or 0.79% of all mortgages.
  • 24,700 home-owner mortgages are in significant arrears (10% or more).
  • This is down 1% from this quarter last year.
  • 1,200 buy-to-let mortgages are in significant arrears (10% or more).
  • This is 20% higher than this quarter last year.
  • There are 52 mortgage possession claims and 37 mortgage possession orders made every day.

7%

Homeowner mortgages in arrears of 2.5% or more are down 7% compared to this quarter last year.

Mortgages in arrears of 1.5% or more, shown as a proportion of total mortgage debt.

Mortgages in arrears of 1.5% or more, shown as a proportion of total mortgage debt.

DatePercentage
2007 Q11.66%
2007 Q21.70%
2007 Q31.73%
2007 Q41.89%
2008 Q11.99%
2008 Q22.04%
2008 Q32.27%
2008 Q42.72%
2009 Q12.93%
2009 Q22.98%
2009 Q32.89%
2009 Q42.78%
2010 Q12.73%
2010 Q22.64%
2010 Q32.53%
2010 Q42.47%
2011 Q12.42%
2011 Q22.37%
2011 Q32.30%
2011 Q42.21%
2012 Q12.14%
2012 Q22.11%
2012 Q32.12%
2012 Q42.06%
2013 Q12.06%
2013 Q22.01%
2013 Q31.90%
2013 Q41.80%
2014 Q11.73%
2014 Q21.63%
2014 Q31.50%
2014 Q41.39%
2015 Q11.33%
2015 Q21.27%
2015 Q31.20%
2015 Q41.15%
2016 Q11.13%
2016 Q21.13%
2016 Q31.18%
2016 Q41.07%
Q1 20171.04%

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