Mortgage statistics

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

Updated

Fact checked
Picture not described
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.

What is the size of the mortgage market?

  • The outstanding value of all residential mortgage loans was £1,486 billion in Q3 2019, 3.9% higher than a year earlier.
  • The value of gross mortgage advances was £73.3 billion, broadly unchanged in comparison to Q3 2018.
  • The value of mortgage advances (gross) in Q3 2019 was £73.3 billion, unchanged from Q3 in the previous year.
  • Over £245 billion was borrowed in 2016 for mortgages alone.
  • The value of new mortgages was £64.5 billion in Q3 2019, £500 million higher than in Q3 2018.
  • 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 £1.486 trillion in Q3 2019
  • There are 10.94 million mortgages in the UK
  • Based on this, the average mortgage debt amounts to £135,831

Average house price

The average price of a house has been trending upwards since the financial crash. The average house price in November 2019 was £235,298, up from £230,224 in November 2018.

Period Average price All property types
January 2000 £84620
February 2000 £84620
March 2000 £84620
April 2000 £89230
May 2000 £89230
June 2000 £89230
July 2000 £90912
August 2000 £90912
September 2000 £90912
October 2000 £93624
November 2000 £93624
December 2000 £93624
January 2001 £93136
February 2001 £93136
March 2001 £93136
April 2001 £96499
May 2001 £96499
June 2001 £96499
July 2001 £99971
August 2001 £99971
September 2001 £99971
October 2001 £97964
November 2001 £97964
December 2001 £97964
January 2002 £97623
February 2002 £101164
March 2002 £104705
April 2002 £106121
May 2002 £108852
June 2002 £113304
July 2002 £114214
August 2002 £116743
September 2002 £119576
October 2002 £120486
November 2002 £121700
December 2002 £125747
January 2003 £124836
February 2003 £123521
March 2003 £126152
April 2003 £129186
May 2003 £128276
June 2003 £128579
July 2003 £130805
August 2003 £133132
September 2003 £132727
October 2003 £135054
November 2003 £133536
December 2003 £136167
January 2004 £136976
February 2004 £135661
March 2004 £135964
April 2004 £142135
May 2004 £143855
June 2004 £146384
July 2004 £149520
August 2004 £151240
September 2004 £150937
October 2004 £152050
November 2004 £151847
December 2004 £150734
January 2005 £150633
February 2005 £150488
March 2005 £151723
April 2005 £153880
May 2005 £155533
June 2005 £156767
July 2005 £158786
August 2005 £159431
September 2005 £159183
October 2005 £158865
November 2005 £159337
December 2005 £160209
January 2006 £159970
February 2006 £160231
March 2006 £161531
April 2006 £165042
May 2006 £166606
June 2006 £168184
July 2006 £170604
August 2006 £172037
September 2006 £172738
October 2006 £173750
November 2006 £174644
December 2006 £176819
January 2007 £176758
February 2007 £177261
March 2007 £178636
April 2007 £182243
May 2007 £184330
June 2007 £186348
July 2007 £188691
August 2007 £189786
September 2007 £190032
October 2007 £189589
November 2007 £189489
December 2007 £189193
January 2008 £185782
February 2008 £184185
March 2008 £182845
April 2008 £183148
May 2008 £184267
June 2008 £181831
July 2008 £179845
August 2008 £176092
September 2008 £171660
October 2008 £168177
November 2008 £163447
December 2008 £160954
January 2009 £157234
February 2009 £155417
March 2009 £154452
April 2009 £155852
May 2009 £158004
June 2009 £159561
July 2009 £162423
August 2009 £164025
September 2009 £165314
October 2009 £166425
November 2009 £166986
December 2009 £168082
January 2010 £167469
February 2010 £167888
March 2010 £167878
April 2010 £170028
May 2010 £170846
June 2010 £171689
July 2010 £173427
August 2010 £173417
September 2010 £172972
October 2010 £171045
November 2010 £169013
December 2010 £168703
January 2011 £167300
February 2011 £166415
March 2011 £165649
April 2011 £168218
May 2011 £167470
June 2011 £167753
July 2011 £169866
August 2011 £169968
September 2011 £169544
October 2011 £167673
November 2011 £167757
December 2011 £167048
January 2012 £165908
February 2012 £165457
March 2012 £165947
April 2012 £167854
May 2012 £168395
June 2012 £170049
July 2012 £170701
August 2012 £170902
September 2012 £170295
October 2012 £169090
November 2012 £169227
December 2012 £168843
January 2013 £167716
February 2013 £167682
March 2013 £168681
April 2013 £170335
May 2013 £171234
June 2013 £172655
July 2013 £174592
August 2013 £175982
September 2013 £176098
October 2013 £175378
November 2013 £176352
December 2013 £177971
January 2014 £178182
February 2014 £178921
March 2014 £179537
April 2014 £183532
May 2014 £185476
June 2014 £187077
July 2014 £189709
August 2014 £191932
September 2014 £192138
October 2014 £191855
November 2014 £191209
December 2014 £191669
January 2015 £190665
February 2015 £190827
March 2015 £191537
April 2015 £193225
May 2015 £195313
June 2015 £196802
July 2015 £200142
August 2015 £201973
September 2015 £202389
October 2015 £202664
November 2015 £204223
December 2015 £204920
January 2016 £205464
February 2016 £205555
March 2016 £207667
April 2016 £208443
May 2016 £210872
June 2016 £212887
July 2016 £215127
August 2016 £215145
September 2016 £214816
October 2016 £214107
November 2016 £215113
December 2016 £215500
January 2017 £215243
February 2017 £215697
March 2017 £215236
April 2017 £218642
May 2017 £219954
June 2017 £221833
July 2017 £224719
August 2017 £225738
September 2017 £224895
October 2017 £225092
November 2017 £224453
December 2017 £225330
January 2018 £224544
February 2018 £225131
March 2018 £223772
April 2018 £225910
May 2018 £226834
June 2018 £228355
July 2018 £231187
August 2018 £231898
September 2018 £231454
October 2018 £231211
November 2018 £230224
December 2018 £229800
January 2019 £228400
February 2019 £227786
March 2019 £227283
April 2019 £228990
May 2019 £229200
June 2019 £230452
July 2019 £233125
August 2019 £234306
September 2019 £234759
October 2019 £234317
November 2019 £235298

The number of first-time buyer mortgages and the number of loans for home movers were both on the up last year, and 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.”

Matthew Boyle, mortgage specialist at finder.com

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?

  • There were 370,000 first-time buyer mortgages completed in 2018
  • This is 1.9% higher than in 2017
  • In fact, this is the highest number of first-time buyer mortgages since 2006 (402,800)
  • The value of these mortgages totalled £62 billion
  • This is 4.9% higher than in 2017

There were 30,620 new first-time buyer mortgages completed in November 2019, 10.5% fewer than in the same month in 2018. There were 30,750 homeowner mortgages completed in November 2019, 10.6% fewer than in the same month a year earlier. This movement reflects particularly strong home-purchase activity in November 2018.

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 18,610 new remortgages with additional borrowing in November 2019
  • This is 5.7% more than in the same month in 2018
  • The average additional amount borrowed in November was £51,470
  • There were 18,470 new pound-for-pound remortgages (with no additional borrowing) in November 2019, 12.4% fewer than in November 2018

21,370

New remortgages with additional borrowing in April 2019

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 71,590 homeowner mortgages in arrears of 2.5% or more of the outstanding balance (Q3 2019)
  • This is 9% lower than in Q3 2018
  • Within this total, 22,300 homeowner mortgages were in significant arrears (representing 10% or more of the outstanding balance)
  • There are 4,550 buy-to-let mortgages in arrears of 2.5% or more of the outstanding balance (Q3 2019)
  • 14 properties were repossessed every day in Q2 2019
  • This amounts to 1 property every hour and 40 minutes

1 hour 34 minutes

Every hour and half a property was repossessed in Q1 2019.

Finder's mortgage specialist, Matthew Boyle, gives his insights:

  • 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, and 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

Related articles

Property flipping

Property flipping

Our comprehensive guide to property flipping gives you all the information you need to make a profit, from finding the right property to the costs you need to consider. Read more…

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site