We explore all the latest mortgage statistics, including average mortgage size, monthly payments and debt, to see how the market currently sits if you are looking for a mortgage deal.
Mortgage statistics UK: Highlights
The average monthly mortgage payment on a house in the UK is currently £1,293.
On average, Brits are paying £728 a month for their share of the mortgage payment.
The average size of a mortgage taken out in the first 3 months of 2024 was £180,463.
The average outstanding mortgage debt per household in the UK is £131,421.
In May 2024, the average 2-year fixed-rate mortgage interest rate for a 25% deposit was 5.19%. It was 5.31% for a 15% deposit and 5.67% for a 10% deposit.
As of March 2024, there were over 12.5 million outstanding mortgages in the UK totalling around £1.65 trillion.
In April 2024, the average house price in the UK was £281,000.
What is the average mortgage size in the UK?
The average value of a mortgage taken out in the first 3 months of 2024 was £180,463. This is down 11% from a decade-high average mortgage size of £203,389 in the quarter from July to September 2022.
The number of mortgages taken out saw a dip in the first quarter of 2024, with 279,620 mortgages taken out. This is the lowest number since June 2020 when the effects of the coronavirus lockdown hit the housing market hard.
Mortgage rates have remained high for the past couple of years, which perhaps explains why fewer people are taking out a new mortgage.
The average monthly mortgage payment is £728 per person in the UK, according to our 2024 survey.
The average monthly mortgage payment for a first-time buyer in the UK is currently £1,293. This is based on the average house price in April 2024, the average 2-year fixed mortgage rate, a 25% deposit and a mortgage length of 25 years.
Average mortgage interest rates in the UK
The interest rate for a 2-year fixed-rate mortgage (75% LTV) was 5.19% in May 2024. In the same month, the average 5-year fixed-rate mortgage interest rate (75% LTV) was 4.67%.
While mortgage rates have historically stayed fairly consistent, they began increasing in the middle of 2022. The Bank of England increased the base rate to combat rising inflation, and this had a knock-on effect on mortgage interest rates.
The graph below shows the average rates for fixed-rate (75% LTV) mortgages, with the peak interest rate for a 2-year mortgage reaching 6.22% in July 2023. The average interest rate for a 75% LTV 5-year fixed-rate mortgage hit 5.71% in July 2023.
LTV ratio, or loan-to-value ratio, is the ratio of what you borrow as a mortgage. For example, with a 90% LTV mortgage, you would need to put down a 10% deposit. Those who can afford a lower LTV ratio are generally able to access better interest rates, but this can be harder for first-time buyers who can’t put down a large deposit.
The average outstanding mortgage debt in the UK in the first quarter of 2024 was estimated to be £131,421. There were around 12.5 million mortgage accounts active at the start of 2024, and the value of residential mortgage loans was £1,655 billion.
What is the average length of a mortgage in the UK?
25 years is often seen as the standard length for a mortgage. However, in 2022, half of first-time buyer mortgages had terms longer than 30 years, compared to a quarter in 2012, according to data from UK Finance.
Average house prices in the UK
The average UK house price in April 2024 was £281,000. The average price varies across regions of the UK, with an average price of £298,000 in England, £208,000 in Wales, £190,000 in Scotland and £178,000 in Northern Ireland.
The average house price in the UK had been rising since the banking crisis and market crash in 2007-2009 and reached a peak of £289,000 in September 2022.
However, house prices began to drop again in 2023 against a backdrop of high mortgage rates, going back down to an average price of £278,000 in March 2023. Since then, there has been fluctuation in house prices in the UK.
House-prices-to-earnings ratio: How does your region compare?
The house-price-to-earnings ratio is a way to calculate the affordability of housing by dividing house prices by salary. This varies between regions as both house prices and salaries change.
On average in England and Wales, house prices are 8.1 times the average salary. The ratio is most extreme in London, where house prices are 12.7 times higher than the average yearly salary. Those in the North East of England are in the best position, as house prices here are only 4.9 times earnings.
There were 96,580 homeowner mortgages in arrears of 2.5% or more in the first 3 months of 2024. This is a 3% increase from the previous quarter. 870 properties with a homeowner mortgage were taken into possession in the first 3 months of 2024, a 36% increase from the end of 2023.
Methodology
To find the average mortgage payment per person, Finder commissioned Censuswide in April 2024 to carry out a nationally representative survey of adults aged 18+. A total of 2,000 people were questioned throughout Great Britain, with representative quotas for gender, age and region.
Click here for more research. For all media enquiries, please contact –
Matt Mckenna
UK Head of Communications T: +44 20 8191 8806
Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio
Emily's expertise
Emily has written 133 Finder guides across topics including:
Sophie Barber is a content marketing manager for Finder in the UK after previously working as a content manager at a digital marketing agency. She has over 5 years experience in writing and publishing clear, concise and informative online articles for a variety of websites. See full bio
Sophie's expertise
Sophie has written 68 Finder guides across topics including:
Publishing original personal finance research
Creating data-led statistics pages to highlight industry trends
A 5-year fixed rate mortgage will see your repayments remain stable for the 5-year term. Find out more in our in-depth guide.
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