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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.

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By

Matthew Boyle

Updated

Fact checked

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.

Quick Overview:

  • Since the beginning of October 2022, the average 5-year fixed mortgage rate has touched 6.02%, the highest rate since February 2010.
  • The average 2-year fixed rate has also crossed the 6% mark and is now 6.11%. This rate is the highest over the past 14 years.
  • The total worth of secured mortgages in July 2022 was £1.6 trillion. Therefore, the average mortgage amount held per household was £57,797.
  • By the end of September 2022, the residential mortgage market saw 935 products withdrawn. This is 31.9% of the 2,931 mortgage deals available on average.
  • House prices rose by an average of 9.9% in the last 12 months from September 2021 to 2022.
  • In August 2022, mortgage approvals for house purchases increased sharply to 74,300.
  • In Q1, 2022, the house-price-to-earnings ratio was highest in London at 9.7 and lowest in the North East with a ratio of 4.6.

Average mortgage interest rates:

Mortgage rates have been increasing in 2022; however, they have now seen a sharp increase after the mini-budget was announced last month. Since the beginning of October 2022, the 5-year fixed mortgage rate has touched 6.02%. This percentage has not been seen since February 2010. The 2-year fixed rate has also crossed the 6% mark and is now 6.11%, this rate is the highest compared to the rates in the past 14 years. In October 2021, the average 2-year rate was 2.25% and the 5-year rate was 2.55%.

One of the reasons behind this rise is the Bank of England increasing interest rates 7 times since December 2021. The recent hike in September 2022 increased the base rate from 1.75% to 2.25%. This percentage is the highest since 2008.

Year 2 year fixed rate mortgages 3 year fixed mortgage 5 year fixed mortgage 10 year fixed 2 year variable
Sep '14 2.46% 2.94% 3.61% 4.06% 2.44%
Dec '14 2.08% 2.89% 3.21% 4.00% 1.60%
Mar '15 1.99% 2.63% 2.98% 3.47% 1.56%
Jun '15 1.83% 2.54% 2.82% 3.24% 1.66%
Sep '15 1.91% 2.40% 2.84% 3.35% 1.74%
Dec '15 1.90% 2.26% 2.75% 3.36% 1.78%
Mar '16 1.90% 2.14% 2.70% 3.19% 1.67%
Jun '16 1.75% 2.13% 2.54% 3.10% 1.62%
Sep '16 1.59% 1.92% 2.34% 2.84% 1.54%
Dec '16 1.45% 1.79% 2.26% 2.98% 1.48%
Mar '17 1.37% 1.68% 2.15% 2.80% 1.42%
Jun '17 1.48% 1.70% 1.99% 2.82% 1.42%
Sep '17 1.40% 1.60% 1.90% 2.72% 1.46%
Dec '17 1.57% 1.70% 2.07% 2.66% 1.69%
Mar '18 1.53% 1.77% 2.02% 2.76% 1.58%
Jun '18 1.74% 1.80% 2.03% 2.74% 1.56%
Sep '18 1.71% 1.81% 2.01% 2.68% 1.68%
Dec '18 1.73% 1.81% 2.01% 2.64% 1.70%
Mar '19 1.70% 1.80% 2.03% 2.56% 1.61%
Jun '19 1.64% 1.77% 1.97% 2.59% 1.60%
Sep '19 1.55% 1.66% 1.79% 2.58% 2.03%
Dec '19 1.42% 1.54% 1.67% 2.47% 1.94%
Mar '20 1.40% 1.56% 1.66% 2.36% 2.37%
Jun '20 1.41% 1.62% 1.69% 2.40% 1.66%
Sep '20 1.75% 1.88% 1.92% 2.39% 1.63%
Dec '20 1.86% 2.04% 2.00% 2.53% 2.19%
Mar '21 1.56% 1.71% 1.74% 2.55% 1.91%
Jun '21 1.39% 1.66% 1.60% 2.59% 2.24%
Sep '21 1.20% 1.18% 1.29% 2.60% 2.10%
Dec '21 1.57% 1.39% 1.59% 2.44% 1.65%
Mar '22 2.14% 2.03% 2.11% 2.50% 2.01%
Jun '22 2.87% 2.98% 2.90% 3.17% 2.45%
Aug '22 3.64% 3.74% 3.61% 3.73% 2.65%

Average house prices

The average house price rose by 9.9% in the 12 months from September 2021 to 2022. The average rose from £269,945 up to £293,835.

This price actually decreased a little compared to £294,000 in August 2022. Compared to other UK regions, Wales has reportedly seen a high annual growth of 16.1%. This is an all-time high since 2005, with the average house now priced at nearly £225,000. The price of an average home in London costs more than 500,000 pounds. In the last 12 months, the cost of a house in London grew more than £44,000. This pressure on house prices can be attributed to stamp duty cuts, high interest rates and fewer available homes.

The graph below explores more about the previous UK house prices in the last few years:

The average price of a house in England has been trending upwards since the financial crash. In July 2022, it was £311,583 in England, £192,966 in Scotland, £219,951 in Wales and £169,063 in Northern Ireland.

Year England Scotland Wales Northern Ireland
Jan 2005 £158,572.00 £93,982.00 £123,815.00 £111,920.00
Feb 2005 £158,609.00 £93,554.00 £121,070.00 £111,920.00
Mar 2005 £159,642.00 £96,638.00 £123,052.00 £111,920.00
Apr 2005 £161,336.00 £102,739.00 £124,088.00 £116,004.00
May 2005 £163,064.00 £103,815.00 £126,541.00 £116,004.00
Jun 2005 £164,069.00 £107,989.00 £127,477.00 £116,004.00
Jul 2005 £165,756.00 £110,003.00 £130,529.00 £123,386.00
Aug 2005 £166,440.00 £110,101.00 £131,874.00 £123,386.00
Sep 2005 £166,168.00 £110,188.00 £131,307.00 £123,386.00
Oct 2005 £165,637.00 £109,598.00 £131,511.00 £127,674.00
Nov 2005 £166,303.00 £108,994.00 £130,826.00 £127,674.00
Dec 2005 £167,244.00 £110,714.00 £129,673.00 £127,674.00
Jan 2006 £166,544.00 £109,380.00 £129,914.00 £131,302.00
Feb 2006 £166,896.00 £107,355.00 £132,218.00 £131,302.00
Mar 2006 £168,001.00 £111,484.00 £133,581.00 £131,302.00
Apr 2006 £171,129.00 £116,209.00 £134,018.00 £143,918.00
May 2006 £172,699.00 £118,876.00 £135,043.00 £143,918.00
Jun 2006 £174,231.00 £120,454.00 £138,538.00 £143,918.00
Jul 2006 £176,164.00 £122,702.00 £138,355.00 £160,529.00
Aug 2006 £177,603.00 £124,427.00 £140,227.00 £160,529.00
Sep 2006 £178,275.00 £126,392.00 £140,180.00 £160,529.00
Oct 2006 £178,927.00 £123,482.00 £139,801.00 £179,841.00
Nov 2006 £179,718.00 £125,396.00 £141,553.00 £179,841.00
Dec 2006 £182,031.00 £127,707.00 £142,521.00 £179,841.00
Jan 2007 £181,824.00 £126,699.00 £139,760.00 £198,950.00
Feb 2007 £182,397.00 £124,280.00 £143,455.00 £198,950.00
Mar 2007 £183,712.00 £129,092.00 £141,453.00 £198,950.00
Apr 2007 £186,711.00 £135,581.00 £144,844.00 £216,751.00
May 2007 £188,814.00 £138,765.00 £145,951.00 £216,751.00
Jun 2007 £190,822.00 £141,897.00 £147,402.00 £216,751.00
Jul 2007 £193,360.00 £141,815.00 £147,245.00 £224,670.00
Aug 2007 £194,328.00 £143,287.00 £150,316.00 £224,670.00
Sep 2007 £194,764.00 £142,294.00 £149,164.00 £224,670.00
Oct 2007 £194,700.00 £139,547.00 £149,825.00 £214,269.00
Nov 2007 £194,502.00 £141,524.00 £148,509.00 £214,269.00
Dec 2007 £194,373.00 £139,736.00 £147,362.00 £214,269.00
Jan 2008 £191,750.00 £138,388.00 £146,364.00 £198,362.00
Feb 2008 £190,066.00 £137,508.00 £144,636.00 £198,362.00
Mar 2008 £188,657.00 £137,848.00 £141,503.00 £198,362.00
Apr 2008 £189,115.00 £139,328.00 £141,804.00 £185,845.00
May 2008 £189,777.00 £145,641.00 £142,749.00 £185,845.00
Jun 2008 £187,350.00 £141,555.00 £141,876.00 £185,845.00
Jul 2008 £185,844.00 £139,710.00 £137,901.00 £168,076.00
Aug 2008 £181,494.00 £137,784.00 £139,660.00 £168,076.00
Sep 2008 £177,232.00 £132,420.00 £132,625.00 £168,076.00
Oct 2008 £173,249.00 £133,839.00 £133,991.00 £153,774.00
Nov 2008 £168,230.00 £129,820.00 £131,304.00 £153,774.00
Dec 2008 £165,795.00 £125,767.00 £129,403.00 £153,774.00
Jan 2009 £162,673.00 £124,484.00 £125,021.00 £140,190.00
Feb 2009 £160,956.00 £120,994.00 £124,029.00 £140,190.00
Mar 2009 £159,340.00 £125,727.00 £123,104.00 £140,190.00
Apr 2009 £160,701.00 £126,975.00 £125,355.00 £141,489.00
May 2009 £162,740.00 £130,699.00 £127,350.00 £141,489.00
Jun 2009 £164,536.00 £132,049.00 £125,948.00 £141,489.00
Jul 2009 £167,673.00 £133,126.00 £128,279.00 £141,864.00
Aug 2009 £169,603.00 £132,658.00 £128,768.00 £141,864.00
Sep 2009 £171,214.00 £131,727.00 £129,232.00 £141,864.00
Oct 2009 £172,314.00 £132,914.00 £130,696.00 £141,994.00
Nov 2009 £172,818.00 £134,183.00 £131,131.00 £141,994.00
Dec 2009 £174,136.00 £133,037.00 £132,978.00 £141,994.00
Jan 2010 £174,458.00 £128,973.00 £127,733.00 £135,701.00
Feb 2010 £175,248.00 £126,524.00 £127,958.00 £135,701.00
Mar 2010 £174,765.00 £128,897.00 £130,677.00 £135,701.00
Apr 2010 £176,796.00 £133,162.00 £131,747.00 £134,515.00
May 2010 £177,754.00 £132,977.00 £132,483.00 £134,515.00
Jun 2010 £178,655.00 £134,249.00 £131,877.00 £134,515.00
Jul 2010 £180,519.00 £135,444.00 £134,036.00 £132,164.00
Aug 2010 £180,807.00 £133,825.00 £132,453.00 £132,164.00
Sep 2010 £180,231.00 £133,756.00 £133,167.00 £132,164.00
Oct 2010 £178,102.00 £133,750.00 £133,140.00 £124,515.00
Nov 2010 £176,301.00 £131,509.00 £127,443.00 £124,515.00
Dec 2010 £176,036.00 £129,758.00 £128,963.00 £124,515.00
Jan 2011 £174,442.00 £129,746.00 £127,771.00 £119,024.00
Feb 2011 £173,811.00 £125,916.00 £127,961.00 £119,024.00
Mar 2011 £173,046.00 £126,172.00 £125,133.00 £119,024.00
Apr 2011 £175,490.00 £129,848.00 £129,222.00 £117,142.00
May 2011 £174,668.00 £129,832.00 £128,085.00 £117,142.00
Jun 2011 £174,838.00 £131,209.00 £128,270.00 £117,142.00
Jul 2011 £177,164.00 £133,429.00 £128,564.00 £115,108.00
Aug 2011 £177,335.00 £132,518.00 £129,395.00 £115,108.00
Sep 2011 £176,783.00 £131,949.00 £131,017.00 £115,108.00
Oct 2011 £175,171.00 £129,122.00 £127,698.00 £111,871.00
Nov 2011 £175,200.00 £128,206.00 £130,415.00 £111,871.00
Dec 2011 £174,812.00 £125,924.00 £127,397.00 £111,871.00
Jan 2012 £174,179.00 £125,728.00 £127,097.00 £104,712.00
Feb 2012 £174,161.00 £121,886.00 £126,324.00 £104,712.00
Mar 2012 £174,323.00 £125,412.00 £126,231.00 £104,712.00
Apr 2012 £176,543.00 £125,134.00 £128,163.00 £104,987.00
May 2012 £177,026.00 £126,455.00 £128,349.00 £104,987.00
Jun 2012 £178,696.00 £128,361.00 £129,986.00 £104,987.00
Jul 2012 £179,756.00 £127,491.00 £129,342.00 £102,086.00
Aug 2012 £180,129.00 £126,734.00 £128,860.00 £102,086.00
Sep 2012 £179,563.00 £125,823.00 £127,952.00 £102,086.00
Oct 2012 £178,412.00 £124,617.00 £126,881.00 £99,647.00
Nov 2012 £178,662.00 £123,166.00 £128,452.00 £99,647.00
Dec 2012 £178,406.00 £122,180.00 £127,143.00 £99,647.00
Jan 2013 £176,816.00 £122,594.00 £127,584.00 £97,428.00
Feb 2013 £177,203.00 £120,180.00 £125,702.00 £97,428.00
Mar 2013 £178,189.00 £121,357.00 £126,975.00 £97,428.00
Apr 2013 £179,900.00 £123,409.00 £126,671.00 £99,229.00
May 2013 £180,621.00 £125,358.00 £128,640.00 £99,229.00
Jun 2013 £182,088.00 £127,118.00 £129,380.00 £99,229.00
Jul 2013 £184,274.00 £128,421.00 £128,501.00 £101,165.00
Aug 2013 £185,642.00 £129,781.00 £130,842.00 £101,165.00
Sep 2013 £186,082.00 £127,777.00 £130,085.00 £101,165.00
Oct 2013 £185,358.00 £127,413.00 £128,089.00 £101,879.00
Nov 2013 £186,260.00 £128,629.00 £130,029.00 £101,879.00
Dec 2013 £188,544.00 £127,018.00 £128,581.00 £101,879.00
Jan 2014 £188,265.00 £127,007.00 £131,603.00 £103,570.00
Feb 2014 £189,347.00 £125,034.00 £132,349.00 £103,570.00
Mar 2014 £190,037.00 £126,650.00 £130,464.00 £103,570.00
Apr 2014 £194,251.00 £129,596.00 £132,656.00 £107,031.00
May 2014 £196,171.00 £131,677.00 £135,527.00 £107,031.00
Jun 2014 £197,951.00 £133,444.00 £135,019.00 £107,031.00
Jul 2014 £200,825.00 £135,161.00 £135,571.00 £109,116.00
Aug 2014 £203,406.00 £135,575.00 £136,710.00 £109,116.00
Sep 2014 £203,639.00 £134,807.00 £138,218.00 £109,116.00
Oct 2014 £203,311.00 £135,016.00 £136,630.00 £110,750.00
Nov 2014 £202,704.00 £133,334.00 £136,898.00 £110,750.00
Dec 2014 £203,346.00 £132,669.00 £136,904.00 £110,750.00
Jan 2015 £202,856.00 £134,956.00 £136,148.00 £110,940.00
Feb 2015 £203,424.00 £132,572.00 £135,611.00 £110,940.00
Mar 2015 £203,360.00 £139,792.00 £135,231.00 £110,940.00
Apr 2015 £205,936.00 £134,030.00 £137,039.00 £114,340.00
May 2015 £208,265.00 £135,678.00 £137,553.00 £114,340.00
Jun 2015 £209,874.00 £136,923.00 £138,478.00 £114,340.00
Jul 2015 £213,518.00 £139,051.00 £139,213.00 £117,716.00
Aug 2015 £215,756.00 £138,564.00 £140,651.00 £117,716.00
Sep 2015 £216,350.00 £138,246.00 £140,248.00 £117,716.00
Oct 2015 £216,676.00 £137,660.00 £140,912.00 £118,756.00
Nov 2015 £218,500.00 £138,475.00 £140,974.00 £118,756.00
Dec 2015 £219,582.00 £136,702.00 £141,520.00 £118,756.00
Jan 2016 £220,361.00 £136,790.00 £140,015.00 £118,851.00
Feb 2016 £220,627.00 £134,625.00 £142,712.00 £118,851.00
Mar 2016 £222,663.00 £136,243.00 £141,617.00 £118,851.00
Apr 2016 £223,784.00 £136,446.00 £141,925.00 £123,249.00
May 2016 £226,370.00 £138,256.00 £144,296.00 £123,249.00
Jun 2016 £228,430.00 £140,234.00 £146,447.00 £123,249.00
Jul 2016 £230,868.00 £142,294.00 £146,353.00 £124,731.00
Aug 2016 £231,176.00 £140,881.00 £145,384.00 £124,731.00
Sep 2016 £230,848.00 £140,533.00 £144,976.00 £124,731.00
Oct 2016 £229,944.00 £139,631.00 £146,658.00 £125,059.00
Nov 2016 £231,053.00 £140,852.00 £146,278.00 £125,059.00
Dec 2016 £231,922.00 £138,206.00 £146,442.00 £125,059.00
Jan 2017 £231,593.00 £138,356.00 £146,395.00 £124,786.00
Feb 2017 £232,696.00 £136,011.00 £145,837.00 £124,786.00
Mar 2017 £231,760.00 £136,891.00 £147,794.00 £124,786.00
Apr 2017 £235,021.00 £141,091.00 £149,900.00 £127,178.00
May 2017 £236,727.00 £142,070.00 £147,428.00 £127,178.00
Jun 2017 £238,595.00 £143,634.00 £150,394.00 £127,178.00
Jul 2017 £241,406.00 £147,566.00 £151,028.00 £128,878.00
Aug 2017 £242,628.00 £147,234.00 £152,859.00 £128,878.00
Sep 2017 £242,041.00 £144,530.00 £153,227.00 £128,878.00
Oct 2017 £242,003.00 £145,058.00 £155,033.00 £129,601.00
Nov 2017 £241,086.00 £146,350.00 £153,109.00 £129,601.00
Dec 2017 £242,378.00 £145,235.00 £153,791.00 £129,601.00
Jan 2018 £241,061.00 £146,889.00 £153,128.00 £130,292.00
Feb 2018 £241,989.00 £145,982.00 £153,210.00 £130,292.00
Mar 2018 £240,428.00 £144,655.00 £154,022.00 £130,292.00
Apr 2018 £242,396.00 £148,427.00 £153,574.00 £132,095.00
May 2018 £243,445.00 £148,621.00 £154,756.00 £132,095.00
Jun 2018 £244,962.00 £149,960.00 £156,864.00 £132,095.00
Jul 2018 £247,981.00 £151,777.00 £158,626.00 £134,619.00
Aug 2018 £248,620.00 £152,138.00 £161,024.00 £134,619.00
Sep 2018 £248,248.00 £151,446.00 £160,265.00 £134,619.00
Oct 2018 £247,757.00 £151,528.00 £160,955.00 £136,764.00
Nov 2018 £246,940.00 £149,556.00 £160,158.00 £136,764.00
Dec 2018 £246,380.00 £148,269.00 £162,234.00 £136,764.00
Jan 2019 £244,641.00 £149,769.00 £158,548.00 £135,434.00
Feb 2019 £244,427.00 £146,892.00 £159,018.00 £135,434.00
Mar 2019 £242,982.00 £149,625.00 £159,904.00 £135,434.00
Apr 2019 £244,662.00 £150,794.00 £161,456.00 £136,960.00
May 2019 £244,928.00 £151,417.00 £161,628.00 £136,960.00
Jun 2019 £245,846.00 £152,680.00 £162,908.00 £136,960.00
Jul 2019 £248,468.00 £154,776.00 £164,440.00 £139,838.00
Aug 2019 £249,221.00 £154,195.00 £168,215.00 £139,838.00
Sep 2019 £249,637.00 £154,874.00 £164,414.00 £139,838.00
Oct 2019 £248,842.00 £153,953.00 £166,281.00 £140,141.00
Nov 2019 £247,867.00 £152,528.00 £168,516.00 £140,141.00
Dec 2019 £248,097.00 £150,287.00 £166,433.00 £140,141.00
Jan 2020 £247,898.00 £153,518.00 £163,205.00 £140,722.00
Feb 2020 £246,739.00 £149,582.00 £165,953.00 £140,722.00
Mar 2020 £249,121.00 £150,625.00 £167,040.00 £140,722.00
Apr 2020 £246,424.00 £151,779.00 £160,039.00 £140,841.00
May 2020 £247,499.00 £152,914.00 £162,701.00 £140,841.00
Jun 2020 £250,739.00 £155,329.00 £167,384.00 £140,841.00
Jul 2020 £253,226.00 £154,582.00 £168,416.00 £143,723.00
Aug 2020 £255,802.00 £154,707.00 £172,999.00 £143,723.00
Sep 2020 £258,155.00 £160,585.00 £170,030.00 £143,723.00
Oct 2020 £259,592.00 £163,019.00 £175,948.00 £147,475.00
Nov 2020 £262,409.00 £164,032.00 £178,255.00 £147,475.00
Dec 2020 £264,971.00 £162,375.00 £181,274.00 £147,475.00
Jan 2021 £266,588.00 £164,940.00 £181,118.00 £149,084.00
Feb 2021 £267,192.00 £161,847.00 £179,554.00 £149,084.00
Mar 2021 £270,627.00 £167,913.00 £184,807.00 £149,084.00
Apr 2021 £267,500.00 £161,814.00 £182,377.00 £154,323.00
May 2021 £267,295.00 £168,589.00 £185,654.00 £154,323.00
Jun 2021 £284,252.00 £172,341.00 £196,221.00 £154,323.00
Jul 2021 £267,745.00 £175,659.00 £187,050.00 £159,098.00
Aug 2021 £276,611.00 £178,211.00 £192,104.00 £159,098.00
Sep 2021 £287,370.00 £178,832.00 £198,344.00 £159,098.00
Oct 2021 £281,118.00 £180,356.00 £201,177.00 £159,037.00
Nov 2021 £286,354.00 £182,248.00 £200,267.00 £159,037.00
Dec 2021 £288,347.00 £177,837.00 £202,743.00 £159,037.00
Jan 2022 £290,132.00 £182,773.00 £206,004.00 £163,840.00
Feb 2022 £292,278.00 £179,667.00 £203,934.00 £163,840.00
Mar 2022 £294,318.00 £181,179.00 £206,027.00 £163,840.00
Apr 2022 £297,386.00 £185,150.00 £211,340.00 £169,063.00
May 2022 £301,103.00 £188,114.00 £211,665.00 £169,063.00
Jun 2022 £304,914.00 £191,902.00 £214,051.00 £169,063.00
Jul 2022 £311,583.00 £192,966.00 £219,951.00 £169,063.00

House-prices-to-earnings ratio: How does your region compare?

The house-price-to-earnings ratio differs by region, with London being the region with the highest ratio – 9.7 in Q1, 2022. The North East, on the other hand, is the most affordable region relative to earnings, with a ratio of 4.6. The price of a typical UK home is now 7.1 times the average earnings, which is the highest level ever seen.

England and Wales Year
5.05 2002
5.84 2003
6.52 2004
6.73 2005
6.95 2006
7.16 2007
6.89 2008
6.35 2009
6.84 2010
6.73 2011
6.76 2012
6.73 2013
6.95 2014
7.37 2015
7.59 2016
7.77 2017
7.85 2018
7.73 2019
7.75 2020
8.92 2021

Mortgage approvals:

In August 2022, mortgage approvals for house purchases increased sharply to 74,300. This is 10,600 more than the approvals received from July 2022 (i.e. 63,700). The lowest was 9,300 in May 2020 and the highest was 107,500 approvals in November 2020.

Date Mortgage Approvals ('000)
Jan 18 66.9
Feb 18 64
Mar 18 63.6
Apr 18 63.6
May 18 65
Jun 18 65.6
Jul 18 64.9
Aug 18 66.2
Sep 18 65.6
Oct 18 67.1
Nov 18 64.5
Dec 18 64.3
Jan 19 65.9
Feb 19 65.3
Mar 19 62.6
Apr 19 66.7
May 19 66.1
Jun 19 67.1
Jul 19 68.7
Aug 19 67.6
Sep 19 66.6
Oct 19 64.7
Nov 19 64.8
Dec 19 66.4
Jan 20 69.1
Feb 20 72.5
Mar 20 57
Apr 20 15.8
May 20 9.3
Jun 20 40.7
Jul 20 68.9
Aug 20 86.3
Sep 20 93.4
Oct 20 100.9
Nov 20 107.5
Dec 20 102.9
Jan 21 96.8
Feb 21 85.7
Mar 21 81.1
Apr 21 84.8
May 21 85.9
June 21 79.9
July 21 74.5
Aug 21 73.1
Sept 21 72.5
Oct 21 68.9
Nov 21 69.3
Dec 21 72.4
Jan 22 74.5
February 22 70
March 22 69.3
April 22 65.2
May 22 65.8
June 22 63.2
July 22 63.7
Aug 22 74.3

Outstanding mortgages:

By the end of July 2022, the value of outstanding mortgage loans stood at £1.6 trillion, which is £63.2 billion more than in July 2021 (£1.5 trillion). This means that the average outstanding mortgage for 10.97 million households with mortgage debt was £146,427 in July 2022.

By the end of September 2022, the residential mortgage market saw 935 products withdrawn. This is 31.9% of the 2,931 mortgage deals available on average.

Mortgages in arrears:

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

The value of outstanding balances with arrears decreased by 0.7% over the quarter and 7.2% over the year to £13.2 billion in 2022 Q2. In the second quarter of 2022, a majority of mortgages in arrears were owned by homeowners rather than those doing buy-to-let. 74,540 homeowners and 5,640 buy-to-let customers had arrears of over 2.5% of the balance. 28,840 homeowners and 1,790 buy-to-let customers had arrears of over 10% of the balance while 7,900 homeowners and 600 buy-to-let customers had arrears of 7.5–10% of the balance.

Home Owners Buy-to-let
Arrears of 2.5%-5% of balance 25,160 2,130
Arrears of 5%-7.5% of balance 12,640 1,120
Arrears of 7.5%-10% of balance 7,900 600
Arrears over 10% of balance 28,840 1,790
All arrears of over 2.5% of balance 74,540 5,640

Largest mortgage lenders in the United Kingdom by market share.

The top 10 largest mortgage lenders in the UK hold up to 81% of the market, with the top 5 alone accounting for 63% in 2021. Lloyds Banking Group had the largest market share of gross mortgage lending, with £56 billion in lending in 2021.

Mortgage Lenders Market Share
Lloyds Banking Group 18.14%
NatWest Group 11.71%
Nationwide BS 11.49%
Santander UK 10.77%
Barclays 10.71%
HSBC Bank 8.86%
Coventry BS 3.28%
Yorkshire BS 3.24%
Virgin Money 3.18%
TSB Bank 2.99%
Other 18.62%

Matthew Boyle, mortgage specialist, reflects on the the housing market's post-pandemic state

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 was shown to be surprisingly robust in terms of asking prices.

But the expected post-pandemic boom obviously didn't go quite according to plan. Against a backdrop of increasing living costs and increasing costs of borrowing, many consumers have become nervous about the prospect of stretching themselves (which for years was the go-to strategy). At the same time, lenders have been forced to pull longer-term fix deals and hike their rates across the board. Lenders are also reappraising what "affordable" now looks like when assessing the risk of lending.

Whether these factors translate into any significant and sustained fall in house prices remains to be seen. Particularly in the South East, the tendency is for the market to stagnate rather than to go backwards."

Sources

  • Statista
  • UK Finance
  • Gov.uk
  • BSA
  • Bank of England
  • Lloyds Banking Group
  • Money Facts
  • BBC
  • Halifax
  • Financial Conduct Authority
  • Money Charity

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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