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UK mortgage statistics, 2023

This page includes relevant mortgage statistics for 2023, such as the number of mortgage approvals, interest rates, house prices, and mortgage fraud statistics.

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For many people, a mortgage will be the most expensive financial product they take out in their lifetime. The UK mortgage market is in a constant state of flux and influenced by numerous variables, being affected by everything from interest rates to property availability. 

Our research has allowed us to compare mortgage data over time, using new and refreshed data to analyse trends, in order to judge how key UK mortgage market statistics have evolved in recent years.

By compiling the latest in UK mortgage statistics for 2023, the aim of this page is to provide you with the most up-to-date figures, helping you make informed decisions about your current and future mortgage deals and obtain the best current mortgage rates

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UK mortgage application statistics 

The first step for most first-time buyers is getting approved for a mortgage. That means passing the financial stress tests, fulfilling all paperwork correctly, and getting ready to move in.

UK mortgages by age group and type of people

For many young people, it’s difficult to get onto the property ladder and owning a home may not be possible until later in life. 

A breakdown of UK mortgages by age group

A donut pie chart to show the breakdown of UK mortgages by age group

In 2021, only 0.7% of homeowners were between the age of 16 and 24. This rose to 11.2% for those in the 25-34 age bracket, and 15.4% for those between 35 and 44 years of age. Less than a fifth were 55-64 years old. 

The overwhelming majority were those aged 65 and over, occupying over one-third of the homeowner market. 

In 2020, of the 24.7 million UK dwellings, just under two-thirds (64%) were estimated to be owner-occupied. By owner-occupied, this refers to homes which have been bought outright, as well as those which have been purchased with a mortgage. 

Approximately 8.8 million (36%) were owned outright, with 6.8 million (28%) owned with a mortgage or a loan. 

The distribution of all owner-occupied households in the UK does, however, vary significantly between age groups and how their properties were purchased. The data shows that those in the older age brackets are more likely to purchase a property outright compared to those in the younger brackets. 

A breakdown of UK homeownership by age group and how they purchased their property

Bar chart showing the number of people from different age groups and how they purchased their property, either through mortgages or owning outright.

Generally speaking, as the age group increased, so did the percentage who bought their property outright. Only 0.2% of outright owners were between the ages of 16 and 24, with that figure increasing to just 1.5% for those aged between 25 and 34.

Almost a third (29.7%) of the people who purchased their house with a mortgage were between the ages of 35 and 44. However, whereas nearly three in 10 people aged 35 to 44 are on the property ladder, just one in 33 (3.3%) own their home outright.  

Refreshed UK mortgage statistics show that those aged over 65 are by far the most likely to own their home outright, at more than 60% (61.7%). Just over one in 25 homeowners (4.1%) over the age of 65 are still paying off the mortgage for their home in 2023.

From ages 16 to 54, over eight in 10 (82.3% of) homeowners have or had a mortgage on their property.  However, for those aged 55 to 64, that pendulum swings more towards outright ownership, with nearly three in 20 (13.7%) still paying off their mortgage and almost one in four (23.3%) having outright ownership of their homes.

Mortgages by property type               

A breakdown of the UK home sales market by property type

A breakdown of the UK home sales market by property type

Updated UK mortgage statistics show that terraced houses had the highest share of UK home sales across all dwelling types in 2022. Over 208,000 terraced properties were sold in 2022, representing nearly 30% of the overall dwellings market.

With just 8,000 fewer sales, semi-detached home sales reached over 200,000 in 2022 (200,263). Therefore, sales of semi-detached properties represented over 28% of all UK homes sold.

With average prices of over £494,000 for fully detached properties in the UK in December 2022, it’s unsurprising that fewer homeowners sought to buy this property type. Limited sales of detached properties were contextualised by an overall market share of under a quarter (23.3%), or 162,374 home sales.

However, the least popular property type by sale in 2022 was ‘Flats and Maisonettes’,with just 18% of the market dedicated to them. In 2022, over 125,000 flats and maisonettes were sold, 83,000 fewer than that of terraced properties.

To establish what size mortgage you can get, based on your income and savings level, consult the Uswitch mortgage affordability calculator.

UK mortgage approval statistics  

The overall rate of UK mortgage approvals has dipped from the highs of early 2022. January ‘22 saw an overall approval rate of 73, 264 first-time buyer mortgages. However, just one year later, that had decreased to just 39,637.

The number of mortgage approvals is an indicator of potential future lending. 

A breakdown of mortgage approval numbers between 2021 and 2022

A breakdown of mortgage approval numbers between 2021 and 2022

Since July 2021, the number of mortgages deals approved for house purchases in the UK has been in steady decline, from just over 76,000 to just under 64,000 in June 2022. This is below the 12-month, pre-pandemic average (up to February 2020) of 66,700. 

Note: December 2021 and January 2022 saw a slight increase to figures over 70,000. However, since then, numbers have continued to fall. 

Current housing market instability, dictated by a rapidly increasing base rate (at 4.5%   as of May 2023), means that it’s becoming more challenging for homeowners to get on the property ladder in the UK. As such, refreshed data shows successful mortgage approvals between January 2022 and January 2023 dwindled consistently.

In the 12-month period of January 2022 to January 2023, the peak UK mortgage approvals figure was 73,264, seen at the end of January ‘22. From then on, the figures reduced, with nearly 12,000 fewer mortgages approved in November than October (45,558 and 57,284, respectively).

For January 2023, with the BoE base rate at 3.5%, just over 39,000 mortgages were approved. This is by far the lowest figure in the period, and more than 33,000 fewer approved mortgages than that seen just 12 months prior.

These mortgage approval rates only represent home buyers. Those looking for an equity release mortgage, or to take out a commercial mortgage on a prospective business, may see different approval rates from lenders. There are hundreds of different types of mortgage available, so always shop around before deciding.

UK mortgage approvals over time 

The recent decline in mortgage approvals between 2021 and 2022 is not necessarily reflective of the long-term trends for UK mortgages. 

From January 2012, the number of mortgages approved was on an upward trend, rising to a peak of almost 70,000 in January 2014. For the next six years, these figures fluctuated between 60,000 to over 70,000 approvals per month until the Covid-19 pandemic struck in March 2020. 

This had a profound impact on mortgage deals during the following months, as numbers plunged to an all-time low of 9,300 in May 2020. 

With the easing of initial lockdown restrictions, the housing market began its recovery. There was a rapid increase in the number of mortgage approvals to over 100,000 in November and December 2020. After this point, numbers have started to stabilise once again to around 60,000 per month.

However, with 750,000 households forced into poverty due to climbing mortgage interest rates on mortgage repayments, and wages increasing 4% slower than inflation, banks and building societies are approving fewer mortgages than ever before. As such, mortgage approval figures for 2023 are predicted to be 30% lower than those seen in 2022.

A breakdown of UK residential mortgage approvals over time
a bar char depicting the average UK monthly mortgage approvals, using data from between 2007 and 2021

When broken down by month, we can see that historically, UK mortgages are most commonly approved in June, July, and March with all three months exceeding 70,000. These figures drop considerably in the winter months across December and January to around 46,000, before rising again in February to 58,000 per month. For the remaining months of the year, monthly mortgage approvals fluctuate around 65,000.

With mortgage rates changing daily, and Q1 2023 figures approaching 5.5-6% on average, it’s worth noting that the housing market is always subject to change. Higher interest rates normally mean a reduction in mortgage uptake and approvals for prospective homeowners.

 Mortgage approvals by type of purchase

A gross advance is the total value of a residential mortgage loan, advanced by societies in period. This can include loans for reasons such as house purchases, further advances, and taking out a remortgage deal.  Gross advances can be secured by the prospective homeowners themselves, or a mortgage broker.

 a 100% bar chart depicting all UK mortgage approvals by type of purchase, from 2015 to 2022

Since 2015, the percentage of first-time buyers , owner occupiers, and buy-to-let homeowners have remained about the same, with some minor fluctuations. 

Owner occupiers continue to dominate the mortgage market in 2022, with over 45% of homeowners falling into this category. UK mortgage statistics show that this has largely been the case since 2015, apart from Q4 2020 to Q2 2021, when this figure exceeded 50%. 

According to mortgage loan statistics, the percentage of first-time buyer mortgages each year has remained around 30%, but dipped to 24% at the beginning of 2016 (the lowest point across the last seven years). As of 2022, one in three homeowners was a first-time buyer. 

The buy-to-let scheme has been the least preferred way to enter the UK housing market. This figure spiked in Q1 2016 to over 30%, however, has generally remained in the mid-to-low 20s. At the end of 2020, less than 15% of people were purchasing properties in the UK through the scheme, the lowest point in the previous seven years. However, in 2022, this rose back up to over 20%.

In the mini-budget announced by Chancellor Kwasi Kwarteng in September 2022, the Conservative government decided to cut stamp duty in England and Northern Ireland for some buyers in a bid to boost economic growth following the cost of living crisis.

The Chancellor announced the price at which stamp duty is to be paid will double from £125,000 to £250,000, saving money for around 200,000 people purchasing a property.

Changes were also made to the rates at which stamp duty is paid, with the new rates being:

  • 0% for properties up to £250,000

  • 5% for properties between £250,000 and £925,000

  • 10% for properties between £925,000 and £1.5 million

  • 12% for any property over £1.5 million. 

Those who qualify as first-time buyers in England and Northern Irleand will pay no stamp duty on their first property (a £425,000 ceiling applies, although this has increased from £300,000). Furthermore, discounted stamp duty for first-time buyers will apply up to £625,000 (up from £500,000).In November 2022, the Government confirmed that the Stamp Duty Land Tax (SDLT), and the higher thresholds in which it is paid, will remain in place until at least March 2025. This will save prospective homeowners hundreds of pounds per year from paying stamp duty, with first-time buyer mortgage statistics showing the move positively affects over 300,000 new homeowners nationwide in 2023. Find out how much stamp duty you'll need to pay using our stamp duty calculator.

UK first-time buyer (FTB) mortgage approvals

The number of UK first-time buyer mortgages has been on a steady rise since 2009, from around 193,000 to almost 410,000 in 2021. A slight drop to just under 304,000 in 2020 can be attributed to Covid-19, when mortgage applications were extremely low across the country. 

A breakdown of first-time buyers as a percentage of all house purchase loans
a combined line-and-bar chart depicting the number of first-time buyers in the UK, and their percentage change of home purchases compared to the market

New mortgage market statistics in 2021 saw a scramble in the mortgage market, with over 100,000 first-time buyers securing their homes after the market instability caused by Covid-19. This represented a year-on-year increase of 33%, the most seen in a decade.

The following year saw a marked slowdown of home sales to first-time buyers, with 11% fewer first-time buyers purchasing a home. Although, the first-time buyer's home purchase figure of 362,461 was still 9,000 more than that of the next highest year; 353,120, as seen in 2018 (excluding 2020).

The number of first-time buyers as a percentage of all UK home-purchase loans has also steadily increased over time. In 2010, first-time buyers accounted for 37% of all home buyers in the UK, which rose to a peak of 51% in 2019. This figure has dropped slightly since but still remains around 50%, meaning half of UK residents buying a home today are first-time buyers. 

According to the latest UK first-time buyer statistics, there were 874,000 recent first-time buyers in England alone in 2022-23. A first-time buyer lis someone who has bought their first home within the previous three years.

The percentage share of first-time buyers increased by 4% in 2022, going from 48% in 2021 to 52% in 2022. Therefore, 2022 represents the highest reported market share of first-time buyers on record. Even though the average UK home now costs over £288,000 (Q1 2023), it’s clear to see first-time buyers aren’t put off by how much it costs to purchase a home.

A breakdown of the UK regions experiencing the highest increase in first-time buyers
a regional shaded map showing the UK areas with the highest increases in average house price over the last decade

According to UK mortgage statistics, there has been a 71% increase in first-time buyers in the last decade, going from 211,920 in 2012 to 362,461 in 2022. However, Northern Ireland yielded the largest first-time buyers increase of all four nations, with the 5,010 first-time buyers in 2012 increasing to 10,641 in 2022, a 112% representative increase. Wales saw an increase of 77%, from 8,560 to 17,270, whereas Scotland saw an increase of just 68%, from 18,610 to 31,184, an overall 3% decrease than the national average.

In terms of English regions, the East Midlands has seen the largest 10-year increase in first-time buyers. Over 14,000 people bought their first home in the region in 2012, with that figure increasing markedly to 27,842 in 2022 (a 93% improvement in the last decade).

Due to prohibitive cost of home ownership in the capital, the Greater London area has seen the least first-time buyers home ownership growth in the last decade. In 2012, 35,750 people bought their first home, with that figure going up to just 48,390 in 2022 – a 35% increase.

The South East region saw the largest quantity of first-time buyers in 2012, with 41,200. In 2022, that figure had increased to 73,588, a 79% uptick in the last decade. 

To counter the rising inability of young people to join the housing market, the UK Government offers a Rent to Buy mortgage scheme. This is where tenants get priority to buy the flat from the landlord if it goes on sale, and their paid mortgage cost will amount to just 80% of the market rent value. This is only available in England and Wales.

A breakdown of the average age of first-time buyers in different regions of the UK
a butterfly bar chart depicting the average age of first-time buyers in the UK in both 2012 and 2022

As of 2022, the average age for a first-time buyer in the UK was 32 years old. This is a rise of two years from 2012 when the average age was 30. 

UK mortgage statistics show that every UK region has a higher average first-time buyer's age than in 2012. While no region has seen a decrease in age, areas such as Yorkshire and The Humber, the North West, and the South West have seen an increase of just one year, below that of the national average.

The UK region with the highest average age for first-time buyers in 2022 is London (33 years). The North East and Yorkshire and the Humber areas both have the lowest average age of homeowners, at 30 years old. 

There is not much between the home nations either. In Northern Ireland, you can expect to purchase your first home by the time you are 32, whereas in Wales and Scotland, this figure is 31. 

A breakdown of residential loans to individuals flows and balances in 2022

a  comparative bar chart depicting the overall value of both gross advances and new commitments in the mortgage market, compared with 2021 and 2022 data

UK mortgage industry statistics for the end of 2022 show that the value of all residential mortgage loans was £1,675 billion, almost 4% more than the final figure for the previous year. 

The value of gross mortgage advances in Q4 2022 was £4.3 billion lower than that of the previous quarter, at £81.6 billion. However, in comparison to the same quarter a year earlier, figures were up 16.3% (Q4 2021).

The value of new mortgage commitments suffered a startling reduction in Q4 2022, at £58.4 billion. This is 33.5% less than that of the previous quarter, and the lowest normal figure (2020 excluded) since Q1 2015. This can be attributed to increasing mortgage interest rates deterring first-time buyers from purchasing a property. In Q2 2022, the base rate was just 1.25%, whereas by Q4 2022, the rate had markedly increased to between 3% and 3.5%.

Value of UK mortgage approvals

Since 2007, the average weekly pay for UK citizens has steadily been on the rise. In Q1 2022, this stood at £600 a week, a 30% rise over the previous 15 years. The total value of UK mortgages during this time has generally been on an upward trajectory. 

At the start of 2009, mortgage spending reached £12 billion, the lowest amount since the beginning of 2007. This was following a peak of almost £57 billion in 2007, after which it dramatically decreased (a direct result of the global financial crisis in 2008). 

In the following 11 years, mortgage expenditure grew to over £40 billion before Covid-19 hit, causing a decrease of £16 billion within Q2 2020 alone. A year later, saw the highest amount of money spent on UK mortgages ever recorded, reaching almost £70 billion. As of Q1 2022, this figure stood at £49.3 billion. 

Mortgage approvals by purpose 

The rate of house purchase mortgages in the UK, between Q1 2021 and Q4 2022, showed a significant reduction in home mover mortgages. From the high of 42.3% seen in Q1 2021, to the most recent figure of 31.2% in Q4 2022, home movers account for fewer mortgage approvals than ever before.

A breakdown of UK mortgage approvals by type of purchase
a 100% horizontal bar chart depicting UK mortgage approvals by the type of purchase, between 2021 and 2022's quarterly breakdown

In 2021, UK mortgage lending statistics show that the value of remortgaging a property steadily fluctuated. In Q1 2021, the average market value of property remortgaging was £18 billion, which dropped by £1.5 billion in Q2 only to increase again to £22.9 billion in Q3 2021. From then, remortgaging statistics saw values stay consistently above £20 billion.

In terms of home mover mortgages, the market saw its largest valuation decrease between Q1 2021 and Q4 2022. In Q1 2021, the home movers mortgage market value was over £42 billion. However, over the period of seven quarters, that figure had decreased to £31.2 billion, an almost 25% decrease in the space of just two years.

To become a landlord, most people will take out a buy-to-let mortgage. The buy-to-let market saw little movement between Q4 2021 and Q4 2022. Peaking in Q2 2022 at £13.6 billion, the buy-to-let mortgage market dropped to £11.9 billion in Q4 2022 – £0.2 billion more than that of Q1 2021.

If your current lender offers you higher-than-expected remortgaging interest rates, consider switching your mortgage to a new provider, who may be able to offer a more competitive deal.

UK mortgage fraud statistics 

Mortgage fraud usually involves individual(s) or organised criminal gangs working in tandem with at least one corrupt associate, such as an accountant, solicitor, or surveyor. 

This can take many forms, including:

  • Over-valuation of a property

  • Overstating a salary or income 

  • Taking over genuine conveyancing processes 

  • Committing identity theft (such as taking out a mortgage in someone else’s name without their knowledge, or that of a deceased person)

  • Taking out multiple mortgages with different lenders on one address 

  • Manipulating or falsifying Land Registry data 

  • Changing the deeds to a property without the owner’s knowledge and using this to then sell the property.

A breakdown of UK mortgage fraud by first and third-party fraud
a 100% shaded graphic depicting the rates of first party and third party mortgage fraud in the UK, between Q4 2016 and Q2 2022

Between 2017 and 2022, the overwhelming majority of mortgage fraud has been first-party (meaning there is no abuse of identity details and the fraudster is indeed the person applying for the mortgage). Over this six year period, this figure has remained over 90%, reaching highs of 97% in Q3 2017 and Q2 2020. 

First-party fraud accounted for 93% of mortgage fraud in Q2 2022, which was the third lowest quarter after 91% in Q2 2019, according to UK mortgage fraud statistics. This means for Q2 2022, 7% was attributed to third-party fraud, whereby someone creates or uses accounts of other people without their consent. This is most commonly associated with identity fraud.

A breakdown of UK mortgage fraud rates over time
 a line graph depicting the rate of UK mortgage fraud per quarter, from 2019 to 2022

Between 2019 and 2021, the rate of mortgage fraud has generally remained very low, with some minor fluctuations. Q3 and Q4 2019 both saw rates of 0.66%, while Q4 2022 saw a fraud rate of 0.67%, the highest rate recorded in the last three years. 

A breakdown of UK mortgage fraud rates in 2022
a line graph depicting 2022 UK mortgage fraud, broken down by month

Based on a monthly breakdown of refreshed 2022 mortgage fraud statistics, the winter month of December sees the peak. Almost one in 100 (0.88%) mortgages issued in the UK commit some variant of fraud. As the UK base rate climbed during the end of 2022, from 1.25% up to 3.5% and beyond, so did mortgage fraud rates. 

Meanwhile, at the start of 2022, mortgage fraud rates were just 0.52%. April’s 0.39% rate represented the lowest figure, with the following May (0.45%) and June (0.58%) showing a small uptick in UK mortgage fraud.

A breakdown of UK mortgage fraud by category
a donut graphic depicting mortgage fraud by category, and the representative quantity for the UK

In terms of types of mortgage fraud, the vast majority experienced in the UK is down to misrepresentation of employment. This accounts for almost half of all fraudulent mortgage cases, whereby the applicant may lie or withhold information about who they work for and/or how much money they earn. Misrepresentation through false documentation is the second most common cause of UK mortgage fraud, accounting for over 17% of all cases, followed by other forms of misrepresentation (almost 13%). 

Direct identity theft accounts for less than 0.3% of mortgage fraud and is the least common cause, followed by misuse of a product and avoiding/falsifying payments, both occurring in just under 5% of cases. 

UK mortgage fraud alert scheme 

The UK Land Registry department now offers a free alert scheme to protect homeowners against fraudulent property transactions. Figures obtained by risk management company Thirdfort, show that there has been a 300% increase in the number of homeowners registering for this service since 2020. 

In 2020, just over 46,000 property owners signed up as part of the alert scheme. By 2021, this had risen by over 135,000, and by August 2022, more than 110,000 had already completed an application.  

Since the free service was launched in 2014, more than 515,000 households are now signed up to the scheme. However, with approximately 28 million homes in the UK, this only represents about 2% of the UK property market.

UK mortgage lending statistics  

Monthly UK mortgage lending 

In June 2022, HMRC provisionally announced around 95,400 mortgages had been approved for residential transactions. This was 5.4% lower than the same month in 2019. Meanwhile, The Bank of England (BoE) reported 63,700, which was almost 5% lower than in June 2019. 

A breakdown of UK monthly mortgage lending over time, according to HMRC and BoE
a comparative line graph depicting UK mortgage lending per month, with data from HMRC and BoE compared

When drawing mortgage comparisons between HMRC and BoE, they have both followed similar trends, with the former usually denoting more monthly transactions than the latter. 

HMRC figures were moderately high throughout 2006, reaching a high of 149,500 in December. This was followed by a sharp decline, down to 51,600 monthly transactions in January 2009. After this, numbers started to rise gradually up until January 2020, with a severe spike in March 2016 of 174,800. 

Once Covid-19 hit, monthly mortgage transactions, according to HMRC, fell to 41,500 in April 2020, before dramatically fluctuating over the coming months. They peaked in June 2021 at 208,750. 

The BoE figures largely follow a similar pattern, reaching 126,200 mortgage transactions in October 2006. This dropped to 26,300 in November 2008, around the time of the global financial crisis. Again, monthly figures for mortgages steadily increased up until May 2020, when they plummeted to around 9,300. 

The BoE figures stabilised much quicker compared to HMRC over the coming months, reaching a high of 105,500 in November 2020 before dropping back to pre-pandemic levels.

The value of UK mortgage lending 

In 2021, the total value of British mortgage lending reached a staggering £316 billion, a level not seen since 2007, when this figure was £372 billion. The lowest value was seen in 2010 when mortgage value totalled £146 billion (more than half the amount for 2021). 

A breakdown of the total value for British mortgage lending over time

BoE figures are for mortgage approvals whereas HMRC figures are for property transactions, some of which might not need a mortgage e.g. if someone is downsizing to a cheaper property). Therefore this will not be included in the BoE figures since there is no mortgage approval if they can purchase the properties outright.

 a horizontal bar chart depicting UK mortgage lending over time, from 2007 to 2022

Since 2010, the UK mortgage market has been on a general upward trend, in terms of year-on-year gross mortgage lending to individuals. 2020 became the first year to see a significant decrease since 2008, with almost £250 billion worth of mortgages sold. 

2022 saw an even more remarkable increase in British mortgage lending, with the overall value standing at £322.30 billion, a figure not seen since 2007. 

The key difference between housing markets then was that, in 2007, banks over-leveraged themselves by offering out more mortgage money than could realistically be paid back by consumers, thus causing a recession. 15 years later, and the UK economy is fighting sky-high inflation rates of 10.1% and above, doing so by raising the base rate to 4.5% in May 2023. However, this in turn increases monthly mortgage payments for millions across the UK.

With increasing mortgage costs being passed on to consumers comes higher risk of mortgage defaults and general poverty. According to mortgage debt statistics, 750,000 homeowners will live in a form of financial poverty by the end of 2023, if mortgage interest rates don’t stabilise or reduce.

Looking for daily updates on all things mortgages? Consult the Uswitch mortgage news page. If you’re looking for more industry statistics, consult our mortgage studies page.

A breakdown of the value of UK mortgage lending over time
a line graph depicting the overall value of UK mortgage lending quarterly, from Q1 2019 to Q2 2022

When broken down by quarter, there have been steady fluctuations since 2018 in the amount of new mortgage loans to borrowers. Between Q1 of 2018 and Q1 of 2020, this varied between £62.4 billion and £73.5 billion.

The first half of 2020 experienced a significant drop in mortgage lending, down to £44 billion, after which it gradually rose again as the housing market began its recovery. By the second quarter of 2021, mortgage loan statistics showed that figure had more than doubled, to record highs of £89 billion in quarter-on-quarter lending.

Due to the high interest rates and elevated property costs, the rate of UK mortgage approvals has dropped significantly between Q2 2021 and Q2 2022. Updated UK mortgage lending statistics show that, in Q2 2022, the value of mortgage lending had reduced dramatically, from the same period a year prior: close to £90 billion in Q2 2021, and under £78 billion in Q2 2022.

Breakdown of the value for secured lending on UK dwellings over time

a shaded line graph depicting the value of mortgage loan approvals on homes, compared from 2018 to midway through 2022

These trends are further reflected in the monthly value of approvals for lending that have been secured on dwellings. This includes house purchase loans as well as those remortgaging a property

Between 2017 and 2019, there is very little variation in the value of secured lending. Monthly figures fluctuated from around £20 billion, until February 2020, when they reached £25 billion. After this point, they fell dramatically to just over £7 billion in May 2020, before rising up to £29 billion in November 2020. 

With the ease of Covid-19 lockdowns and the introduction of tax breaks for home buyers, these mortgage values quickly recovered, surpassing the pre-pandemic levels as of September 2021.

Between October 2021 and January 2022, mortgage lending statistics show that values increased dramatically, from £24,801 million to £27,531 million in just three months. This can be attributed to lower rates of mortgage approval being tempered by higher mortgage cost per property.

UK mortgage lending from building societies 

Unlike banks, building societies are not listed on the stock market, and therefore don’t have external shareholders. Instead, the “owners” and decision-makers are mortgage borrowers, savers, and current account holders. 

For March 2021, gross mortgage lending by building societies peaked at around £7.7 billion, the highest level over the previous four years. Generally, since 2017, there have been some significant fluctuations in the value of building society mortgage lending, between £4 billion and £6.5 billion.

A breakdown of the value of gross mortgage lending by UK building societies over time 

a line graph depicting the value of overall gross lending, compared quarterly from 2018 to 2022

April 2020 saw a drop to around £2.9 billion, after which it began to increase once again. The four month period of April-July 2020 saw a near £1.1 billion loss of building society gross lending, from £5.2 billion in April to £4.1 billion in July.

The high fluctuations seen in 2021 were reiterated in 2022: January 2022’s £5.24 billion gross lending figure increased to a high of £6.8 billion in July, before the growth contracted slightly to £6.5 billion in September 2022.

Market leaders expect overall lending to drop throughout 2023, as prospective homeowners are forced to postpone their home purchases due to higher than expected interest rates.

Mortgage rates statistics 

When comparing mortgage rates over the last few years, there have been some significant changes in the percentage of people taking out different mortgage deals.

Interest rates from 2020 to 2021 were the lowest seen in decades, due to the impact of Covid-19 on the economy. However, 2022 saw a considerable rise in homeowners taking advantage of low interest rates, with 83% of mortgage holders in Q1 2022 subjected to interest rates that were less than 2% BR.

A breakdown of the percentage of mortgage rates in relation to the Bank of England base rate
a comparative line graph depicting the amount of mortgages on the market by their percentage above base rate. This data is compared from 2020 to 2022

As of the first quarter (Q1) 2022, over 85% of gross mortgage advances had an interest rate that was less than 2% above Bank Rate (BR). This is the highest it has been since the third quarter (Q3) 2008. In the two years leading up to 2022, this figure had never exceeded 75% and even reached as low as 56% in Q2 2021. 

The share of advances with mortgage interest rates between 2% and 3% above BR decreased between Q4 2021 and Q2 2022, from 19% to 9.8%, respectively. A similar pattern was observed for those mortgage advances between 3% and 4% above BR, going from 7% to 2.8%. Those that were 4% or more above BR also dropped, from 2.8% to 1.9%. 

By Q4 2022, the vast majority of available mortgages were less than 2% above the BR, set by the BoE. Of all mortgages available to consumers, 93.6% were at 1.99% or less above the rate of BR – the most since Q2 2008.

Furthermore, UK mortgage statistics show that 3% above base rate mortgages, stretching to 4% and above, represented just 2.2% of all available nationally (1.1% and 1.1%, respectively).

A breakdown of fixed and variable interest rates in the UK over time
a comparative line graph depicting fixed and variable interest rates on mortgages in the UK, alongside the length of their terms

By comparing fixed and variable mortgage rates, we can see a considerable rise in interest rates for all available deals.

As of February 2022, the 10-year fixed mortgage rate was at its lowest (2.2%). This has followed a general downwards trend since March 2000, when it stood at 6.5%. 

Both three-year and five-year fixed mortgage rates reached 1.79% in February 2022, which was an increase from 1.39% and 1.59%, respectively, from December 2021. 

The two-year fixed mortgage rate was 1.76%, as of February 2022. This was just 0.56% higher than the lowest ever recorded rate in September 2021. 

From 2009 to the start of 2022, UK mortgage rates were generally on a downward trend, which was good news for first-time buyers and those looking to remortgage a property. 

By comparing fixed-rate mortgages over time, we can see that there has been a general decrease in fixed rates since 2000. The 10-year fixed rate in 2009 stood at 6.28% in June, and by September had dramatically fallen to 2.59%. After this point, 10-year fixed mortgages were not offered again until September 2014, when the rate resumed at just over 4%. However, base rate rises and fluctuating inflation has led to a concerted increase in mortgage market interest rates.

UK mortgage statistics show that, as of January 2023, the 10-year mortgage interest rate rose substantially in the 11 month period to February 2022, from 2.50% interest to 4.86% (a 2.36% increase). While this figure is down from the 6.5% high seen in March 2000, it still represents a substantial increase in such a short timeframe.

Both two and three-year fixed mortgage rates have markedly increased, too. The average two-year fixed rate mortgage had an interest rate of 2.14% in March 2022, with that shooting up to 5.17% in January 2023. Meanwhile, the three-year fixed rate mortgage had interest rates of just 2.03% in March 2022, with that figure having increased to 4.93% by January 2023. 

While these rate changes are reactionary to the BoE’s base rate increases, which are currently set to 4.5% (May 2023), it still shows banks and building societies profiting hugely from this fiscal crisis.

A breakdown of the effective interest rates on outstanding mortgage stock and new secured loans in the UK over time
a comparative line graph depicting the rate of outstanding mortgage stock and the effective rate on newly secured loans, from 2016 to 2023

BoE figures show that the effective interest rate on new and outstanding mortgages rose to 2.1% in June 2022, representing one of the biggest jumps in the effective rate since 2015. 

Since 2016, the effective rate for new mortgages and outstanding ones has generally decreased, falling respectively from 2.5% and 3.5% in January 2016 to lows of 1.6% and 2% in January 2022. 

However, the UK mortgage market has changed significantly since early January 2022. In March 2023, just 14 months down the line, the effective interest rate on outstanding mortgages was 2.73%, a 0.7% increase. UK mortgage statistics show that the effective interest rates on new mortgages rose substantially over the past 14 months, to 4.41% on average.

Standard variable rates (SVR)

The standard variable rate (SVR) is typically paid by borrowers who have come to the end of their fixed or variable-rate mortgage (usually discounted or tracker) deal. It’s normally set at the discretion of the lender, however, the BoE base rate can influence this. 

In July 2022, the average SVR for UK mortgage borrowers exceeded 5% for the first time in 13 years. In January 2009, the typical SVR stood at 5.14%, and by the start of July 2022, it had risen to 5.06%. 

In April 2023, the standard variable rate had risen to 7.41%, a 3.3% increase on the same period a year ago. So, those on a standard variable rate mortgage will have considerably higher monthly mortgage payments than seen in 2022.

Between December 2021 and July 2022, the BoE increased the base rate five times, taking it from a historic low of 0.1% to 1.25%. As of January 2023, the base rate stood at 3.5%, before being increased further on 2 February 2023 to 4%. In May 2023, the base rate was raised once more, this time to 4.5%. This will have substantial effects on those looking to take out a loan or update their mortgage in the near future.

SVRs also vary between lenders. As of January 2023, the Scottish Building Society was offering rates of 6.99%, whereas the Newcastle Building Society was only charging 4.91%. 

According to banking industry statistics, at the end of 2021, over a million borrowers were paying their lender’s SVR, and the average amount outstanding for these mortgages was around £76,000.  

The most competitive two-year fixed term mortgage available, as of January 2023, had an interest rate of 5.29%. So, for a standard 25-year mortgage with a loan value of £200,000, the monthly payment would be £1,203, and the overall cost of borrowing would be £360,900. 

Homeowners may be able to save on their monthly payments by using an offset mortgage, which utilises savings to lower the rate of interest they pay on their mortgage. However, industry reports indicate that offset mortgages have decreased in demand due to the high current UK interest rates.

UK mortgage arrears statistics

Mortgage arrears statistics show that the total number of homeowners behind on their mortgage payments stood at 81,230 in Q4 2022. This is a reduction from the 85,630 seen a year earlier.

Recent buy-to-let statistics found that there were 13,570 buy-to-let mortgages in arrears of 2.5% or more of the outstanding balance in Q3 2023. This was a rise of 124% from the same time one year previously.

A breakdown of UK mortgage arrear statistics, by homeowner or buy-to-let
a comparative donut chart depicting the level of mortgage arrears in the UK, what type of property they have arrears on, and how much the mortgage holder is in arrears compared to the value of their mortgage.

According to mortgage arrears statistics, over 81,000 homeowners are currently behind on their monthly mortgage payments. Be aware that homeowners may lose their home if they cannot keep up adequately with repayments.

The vast majority of homes (92.5%) are homeowner mortgages, whereas the remaining 7.5% (over 6,000 people) are buy-to-let mortgages.

When broken down by type of arrears, most UK homeowners behind on their monthly mortgage payments are down at least 10%, with 28,390 in that position. Just behind those are homeowners in arrears by between 2.5% and 5%, representing 26,390 people.  

This means that over a third (37%) of all homeowners in arrears are behind by over 10% of their mortgage value.

In terms of buy-to-let mortgage statistics, over 6,000 (6,060) landlords are behind on their mortgage payments. Of that 6,060, 42% (2,570 buy-to-let mortgage holders) are behind by between 2.5% and 5%.

A breakdown of forecasted mortgage arrears in the UK, 2024-2025

YearQuarterTotal mortgages in arrears
2024Q1135,371
2024Q2136,477
2024Q3137,952
2024Q4137,766
2025Q1144,465
2025Q2145,571
2025Q3147,046
2025Q4146,860

(Source: Uswitch)

New data from Uswitch shows a sharp increase in mortgage arrears figures for 2024 and 2025. According to mortgage arrears statistics, 1.4 million homeowners will need to refix their mortgage in 2023. Interest rates in 2023 are between 4% and 6% above that of 2021, with the vast majority of mortgage-holders on two year fixed term policies needing to remortgage this year.

Due to this, the rate of remortgage arrears will increase dramatically in 2024, to 137,766 households by Q4 of that year. The arrears figure in 2025 will rise once more, going up to 146,860 UK homes in total.

UK mortgage debt statistics over time

At the end of Q2 2022, the number of homeowners in mortgage payment arrears was 74,540. In Q4, that figure had gone up to 75,170, a small increase of 630 people.

However, UK mortgage debt statistics show that figures in 2021 were worse than for 2022. In Q1 2021, the amount of outstanding mortgage arrears for homeowners was 77,640, shooting up to 79,620 by Q4 2021 (an increase of 1,980 people, or 2.5%). Of which, a remarkable 30,010 homeowners were in arrears of more than 10%.

In terms of BTL mortgages, Q4 2021 saw a 2% quarterly increase in the number of mortgage holders in arrear (5,970 in Q1 2021 and 6,010 in Q4 2021). This figure  increased to 6,060 in Q4 2022.

Therefore, we can see less traditional homeowners struggling with their mortgage arrears, yet more BTL mortgage holders falling behind with payments.

A breakdown of net borrowing of UK mortgage debt over time
 a bar chart depicting net borrowing of UK mortgages in terms of debt, from 2021 to 2023

As of January 2023, net borrowing of mortgage debt by UK individuals stood at just over £2 billion, down from just over £2.73 billion in December 2022. 

UK mortgage statistics show that there has been significant fluctuation in mortgage debt over time. April 2022 saw a £4.10 billion mortgage debt amount, with that figure increasing by 56% to £6.41 billion the following month.

In the 12 months leading up to February 2020, the monthly average for net mortgage borrowing was £4.3 billion. However, jump forward two years, and the average borrowing figure for the April 2022 to January 2023 period (excluding the incomplete data from February) was nearly £4.5 billion. This represents a £200 million increase over 2020 figures.

A breakdown of total money secured on UK dwellings between 2020 and 2023
a 100% shaded area graphic depicting the total money secured on UK dwellings between 2020 and 2023, broken down by month

The amount of money secured on dwellings in the UK has slowly been increasing over time. In May 2018, this figure stood at almost £1.38 trillion. By September 2021, this amount had increased by 11%, to £1.55 trillion. 

By February 2023, the amount of money secured on dwellings rose further, up to £1.63 trillion, a 3.5% increase year-on-year.

Outstanding mortgage balances with arrears 

Mortgage statistics show that, as of Q4 2022, the total value of outstanding mortgages with arrears was over £81 billion – a reduction of £4.3 billion from the previous quarter (£85.9 billion).

A breakdown of UK mortgage lending by total amount and type of mortgage borrower
 comparative line-and-bar chart depicting quarterly data on total UK mortgage lending, and the reason for the loan.

The share of gross mortgage advances for home movers was 31.2% in Q4 2022, narrowly ahead of those remortgaging (27.3%). First-time buyers accounted for 24.2%, and buy-to-let was just 11.9%. 

Mortgage advances for remortgaging were almost 38% in Q2 2020 but decreased to 18% in Q1 2021. Contrary to this, advances for first-time buyer mortgages were just over 18% in Q2 2020 and gradually rose to a peak of 24.7% in Q2 2021. By Q4 2022, this had risen to 27.3% – an increase of 2.6%.

Only mortgages for first-time buyers consistently increased last year, with Q2’s 22.4% of mortgage advances improving to 24.2% in Q4. Buy-to-let loans showed the inverse of first-time buyers, sinking from 13.6% share in Q1 2022 to just 11.9% in Q4 2022.

A breakdown of outstanding UK mortgage balances over time 

a combined line-and-bar chart depicting the outstanding balances of UK mortgages, and the percentage of total loan balances

The value of outstanding balances with arrears refers to borrowers who fail to make their contractual (re)payments that are equivalent to at least 1.5% of the outstanding mortgage balance, or where the property is in possession.

At the beginning of 2022, the value of outstanding balances with arrears amounted to £13.3 billion. This represented a decrease of 1.1% since the previous quarter, and a drop of 11% compared to the same period in 2021 (£15 billion). 

However, that figure had increased by Q4 2022, rising up £300 million to £13.6 billion. As a percentage of total outstanding mortgage balances, this equated to 0.81%.

Between Q3 and Q4, the outstanding balances increased by a remarkable £600 million, highlighting the market fluctuations felt on the fiscal recovery from the COVID-19 pandemic.

A breakdown of forecasted mortgages by single income households, 2023 - 2025
YearQuarter% of Mortgages paid by a single income
2023Q133.92
2023Q233.13
2023Q332.45
2023Q432.84
2024Q132.97
2024Q232.18
2024Q331.49
2024Q431.89
2025Q132.01
2025Q231.22
2025Q330.53
2025Q430.93

(Source: Uswitch)

As the BoE base rate rises and inflation remains above 8%, homeowners are feeling the squeeze more and more. Original mortgage statistics from Uswitch shows that the rate of single-income mortgages will drop consistently in the next three years..

As of Q1 2023, just over one in three (33.92% of) UK mortgages were on single-income homes. However, from thereon, the figures begin to reduce down, with Q2 2022 indicating a near-0.8% decrease from the previous quarter.

By Q4 2025, just 30.93% of all UK mortgages will be from single-income households, representing a drop of nearly 3% in a little over two and a half years.

UK mortgage repossession statistics    

Mortgage repossessions occur when a borrower fails to keep up with mortgage (re)payments, and the lender takes possession of the property. This is always used as a last resort, once all other options have been exhausted and individual financial circumstances have been taken into account. 

A breakdown of UK mortgage repossessions over time 
a bar chart depicting UK home repossessions over time, from 2013 to 2022

UK properties can be taken into possession by the courts for failing to keep up with mortgage repayments.

Between 2013 and 2022, the number of repossessions of UK properties has decreased dramatically, from almost 53,500 to just over 10,000 at the end of 2021. However, 2022’s eviction rates are more than 2020 and 2021 combined, at 22,483.

According to mortgage arrears statistics, the fourth quarter of 2022 saw 733 completed repossessions out of a possible 3,160 possession claims. In Q4 2021, one year before, the quantity of completed repossessions was just 309, meaning a 237% year-on-year increase.

It’s worth noting that the rate of claims to completed repossession is the lowest since records began in 1999. Just 3.5% of all claims lead to homeowners losing their property, a far cry from the 29% average claim-to-repossession rate seen in 2010. 

Lenders have facilities to discuss mortgage payment issues, be they mortgage holidays or an extension in time to your current mortgage. Always contact your lender to discuss the best way to deal with your mortgage repayment concerns.

Due to the postponement of court proceedings during Covid-19, there were only 10 repossessions between April 2020 and March 2021, While 571 took place between January and March 2022.

A breakdown of mortgage repossessions in England and Wales by region
 a regional shaded map showing repossession activity across the UK's counties (where data was available)

UK mortgage arrears statistics show that the capital yielded the highest rate of repossession orders, claims, warrants, and possessions in 2022. During the year, over five thousand (5,233) properties involved some stage of repossession – 1,733 more than the next largest area (the Midlands, with 3,460).

By far, the lowest quantity of prospective repossessions was in Wales in Q4 2022, with just 975 claims. In England, the South West region was the area with the least prospective repossessions, at 2,195.

However, these figures may rapidly increase in 2023. Industry experts have predicted that the quantity of UK repossession orders could increase by 50% in comparison to pre-pandemic levels, due to higher than expected monthly mortgage repayments. 

UK mortgage market statistics

In the past two years, the Nationwide Building Society has held the highest value assets, although their overall value has barely changed in that period. Yorkshire Building Society, meanwhile, remains in second place, but has had a £7.7 billion asset value increase year-on-year.

A breakdown of UK building societies by value of assets
a spiral bubble chart depicting the society assets of UK BS lenders in 2022

In terms of building society assets, Nationwide dominates the UK mortgage lending market, with over £269 billion. This accounts for over half (54%) of all society assets on the market. 

Coventry Building Society and Yorkshire Building Society are second and third, with respective £73.8 billion and £58.2 billion worth of assets. Skipton (£31.2 billion) and Leeds (£25.6 billion) complete the top five. 

Darlington, with £835m in society assets, is 19th on the list. Hinckley and Rugby building society takes 20th, with a valuation of £812m.

A breakdown of UK mortgage lenders by market share percentage 
 a spiral bar chart depicting the percentage of the market each UK mortgage lender has

According to updated UK mortgage statistics, the Lloyds Banking Group had the largest percentage market share of mortgages in Q4 2021, at 19.5%. This is a remarkable 7% more than their competitor, Nationwide BS, with 12.5%. Lloyds’ mortgage value for 2021 was around £63 billion.

Both Santander and Natwest have 11.1% of the overall mortgage market, with Barclays in fifth, 1% less than joint third.

According to mortgage market statistics, Paragon Banking Group had the lowest share of any bank in the UK, with just 0.4% mortgage market value.

UK mortgage complaint statistics

Between 2009 and 2020, the number of complaints to the Financial Ombudsman regarding mortgage products, services, and endowments fluctuated. In 2020/21, more than 12,600 new customer complaints were logged, with almost 94% of these regarding mortgage products and services.

a stacked bar chart depicting UK mortgage complaints, and the quantity of complaints relating to mortgage endowments. Data was taken from between 2009 and 2022

Complaints regarding mortgage endowments have been historically low since 2009. They rose to a peak of over 4,600 in 2012, accounting for 28% of all registered mortgage complaints for that year. However, in 2020, they were at a record low, at only 769 for that year.

In 2021, total complaints started to decrease from the high of 2020. According to UK mortgage industry statistics, The Financial Ombudsman Service received 9,280 total mortgage complaints and enquiries in 2021, almost 3,000 fewer than the preceding year.

Of those, just 352 were related to mortgage endowments. This is a 55% reduction from complaints made in 2020.

UK house price statistics  

House prices in the UK are known to fluctuate, based on factors such as interest rates and demand. In February 2023, the average price for a property in the UK was £287,506, which demonstrates a year-on-year increase of 5.5%. Despite the annual rise, this figure represents a 1% decrease from the previous month. 

A breakdown of house prices across different types of transaction for England, Wales, and London

a comparative bar chart depicting the average house price and purchasing method of properties in the UK

Mortgage statistics from 2022 show that the average London house price has risen by almost 3% since February, to £532,212. Meanwhile, those looking to buy in Wales will find average house prices of £215,343 – a 6.4% increase in the same period.

In Scotland, house prices are rising slower than the rest of the UK. The average cost of a home in the region is £180,287, an increase of just 1% year-on-year. Interestingly, that also represents a monthly decrease of 2.6%, the largest drop of any UK region. In Northern Ireland, Q4 2022 mortgage statistics data reveals that the average house price is £175,234, a 10.2% increase year-on-year.

Cash buyers can expect to pay, on average, about £25,000 more for a property in London compared to mortgage buyers. However, they pay around £30,000 less in England as a whole and £12,000 less in Wales. 

First-time buyers, on the other hand, can expect to get a house for around £255,000 in England, £458,000 in London, and £185,000 in Wales. Yet, all three have seen large increases in their prices over the previous 12 months, between 7-14%. 

The rate of house prices began to contract in 2023, with February seeing a UK-wide average house price reduction of 0.96%. However, the UK-wide average house price increase for February 2023 was 5.5% for all regions year-on-year (according to the latest UK mortgage statistics).

Data from the Halifax House Price Index highlights that the average UK house in April 2023 is expected to cost £284,000, when data is revealed by the Government’s House Price Index department. The pace of growth is the highest since 2004, while the 1.8% rise in June 2022 was the largest monthly increase since 2007. However, November’s 2.4% contraction in house prices was also one of the largest since 2007, highlighting the overall instability of the UK housing market.

Mortgage statistics from the BoE for January 2023 showed the lowest number of new mortgage approvals in the last two years, suggesting the housing market is showing signs of cooling off after a recent surge in demand. From February 2022 to February 2023, the price of the average home rose by 5.5%, approximately £17,100.

UK house prices by region 

When comparing home sales volume, England saw a dip of 17,321 homes, with December 2021 yielding 65,784 home purchases and December 2022 seeing just 48,463.

A breakdown of house prices in England by region for February 2023

a shaded regional map graphic depicting the average UK house price per region, and the % change year on year

From February 2023, the average house price in England shrunk by 1% from the previous month. The annual price hike of 5.5% took the average property value to just over £285,000. 

Regional data indicates the following trends:

  • Northern Ireland experienced the greatest increase in average property prices, at over 10% compared to last year. 

  • Scotland saw the lowest annual price growth (1%) and still remains one of the most inexpensive places to buy in the country (averaging £180,000). 

  • Both the South East and the South West had a 5.8% year-on-year growth in average house price, even though the former represents the second most expensive region to purchase a home.

  • The East and West Midlands saw some of the highest percentage price increases in the UK, with 7.4% and 8.6% respectively.

UK house prices over time 

Just 12 years ago, the average UK home cost £162,000, with that figure increasing sharply to £287,506. Since the financial crash in 2007/8, house prices have steadily increased in the UK.

A breakdown of average UK house prices over time
a line graph depicting the average UK house price per quarter, from 2012 to early 2023

According to UK mortgage statistics, the UK market peaked in Q4 2022, with an average cost of £292,793. While industry experts expected home prices to continue to increase, forecast data from Q1 2023 indicates a small reduction in overall house prices, down to £290,381. This is a drop of 0.82%, or £2,412. 

However, historical mortgage statistics highlight just how much the average home in the UK has increased in value. 

A breakdown of average UK house prices over time in Great Britain

a comparative line graph depicting average home prices in England, Wales, and Scotland over time, from 2007 to 2022

Since the global financial crisis in 2008, the average property price in Great Britain has been on an upwards trend. This has been happening at a much faster rate in England and Wales, in comparison to Scotland. 

House prices in England between 2005 and 2021 increased by 42%, compared to 33% in Wales and 44% in Scotland over the same time period. However, in 2005, average house prices in Scotland did start off at almost £94,000, compared to £124,000 and £159,000 in Wales and England respectively. 

In 2022, house prices increased in England by an average of £20,870, from £290,016 to £310,866. Similarly, Wales experienced property value growth, increasing by £11,769 year-on-year (from just under £204,946 to over £216,715).

Between 2008 and 2016, house prices in Wales and Scotland remained comparatively about the same. However, since 2017, the gap has slowly started to increase. The average Welsh property in March 2021 would set you back about £20,000 more than one in Scotland. 

You would have to go back to August 2013 and July 2009 to find respective comparable house prices in England. 

However, more recently Scotland experienced home value growth considerably smaller than that of Wales and England. According to 2022 mortgage statistics, the average Scottish home was worth £183,157, whereas a year later the same home would be worth £185,069. That’s an increase of just £1,912. 

In terms of Scotland and Wales house prices in 2021, prospective buyers would have to go back to August 2013 and July 2009 to find respective comparable house prices in England. 

A breakdown of the 12-month percentage change in UK house prices over time

 a line graph depicting the monthly percentage breakdown of UK house prices

Since the start of the Covid-19 pandemic, UK residential property prices have increased dramatically. 

According to the Nationwide Building Society, in the 12 months prior to November 2021, the average price of a house in the UK increased by over 10%. By this point, the average house was just short of £250,000. 

From here, annual growth began to plateau throughout 2022, with house prices in November 2022 just 0.2% higher than they were one year previously. In the 12 months prior to January 2023, house prices decreased by 0.6%.

Over the last decade, the annual change in UK house prices has altered considerably. Prices dropped by 9.7 percentage points in July 2009, yet increased by 13.5 percentage points in June 2021, following months of intense fluctuation throughout 2021. Prices have been more stable from 2022 into early 2023, with the highest increase occurring in July 2022 (2.07%).

A breakdown of average house prices in different parts of the UK for different property types

A breakdown of average house prices in different parts of the UK for different property types

Thanks to house prices rising year-on-year across the country, all property types have seen an increase in their overall value. Refreshed UK mortgage statistics show that the average house value has increased by 5.5% across the four UK nations, with a home costing £272,454 in February 2022 now costing £287,506 just a year later.

Between February 2022 and February 2023, detached properties in England and Wales increased in value by 7.2%, the highest of any property type across the UK. Detached properties also had the highest initial outlay, at £426,993 on average in February 2022. Just a year later, that same detached home had an average value of £457,449.  

Both semi-detached and terraced properties yielded an above-average rate of home value increase between 2022 and 2023. In the case of semi-detached homes, prices increased 5.9%, from £262,614 to £278,223, while terraced homes saw a 5.6% increase, from £221,675 to £234,029.

Following the changes made by the UK government in September 2022, buyers will not need to pay stamp duty when buying a home that is less than £250,000 in England and Northern Ireland. On average in the UK, this budget will comfortably buy a terraced property. Further to this, a first-time buyer can also spend up to £425,000 without incurring a stamp duty charge, which is roughly the price of the average flat in London. 

Across all property types, flats and maisonettes have seen the lowest rise in terms of average prices. In the twelve months leading up to February 2023, these properties rose by just 2.1% on average in the UK. February 2022 saw an average price of £223,521, whereas according to the latest mortgage statistics, a year later the price had increased to only £228,242. This rate of increase is significantly below that of the UK’s 5.5% average, showing that the recent climb in value for properties disproportionately affected the high-value homes (such as detached and semi-detached). In Scotland and Northern Ireland, flat prices are around the same (about £125,000), with the former seeing a 10% rise over the last year and the latter seeing an 8% increase in average prices. 

Actual house prices compared to modelled house prices 

As house prices and interest rates continue to rise, the affordability of the UK housing market begins to be brought into question. Aside from 2020, and the effects of the Covid-19 pandemic, UK house prices have consistently been over-valued in the last 15 years, with even 2009 recession-recovery house prices being 10% above value.

A breakdown of actual UK house prices compared to modelled UK house prices over time

a line graph depicting the UK valuation of homes, compared year on year from 1974 to 2022

As house prices and interest rates continue to rise, the affordability of the UK housing market begins to be brought into question. 

According to the latest mortgage statistics, UK house prices were over-valued by around 9% in May 2022. This is based on a mortgage rate of 1.96%. At a rate of 3%, prices would become 23% over-valued. This will likely result in a drop in house prices, or reduced market activity (at least in the short term). 

UK house prices to income over time 

A breakdown of the house prices to earnings ratio in the UK over time

 a line graph depicting the UK house prices to earnings ratio in the UK, from 2006 to 2022

Between 2002 and 2018, the UK house price to earnings ratio has risen from five to 7.8. This means over this 16-year period, there has been more than a 50% rise in the cost of housing relative to earnings. 

UK mortgage statistics reveal that the house price to earnings ratio peaked in 2021 in the UK, at 8.91. Compared to the more favourable rate seen in 2002, home buyers now more than ever see their wages struggle to keep up with the rate of house value increases.

In 2022, the ratio of median house cost to median income was 8.16 – 0.75 more than in 2021. This highlights the slowdown between house price growth and increasing earnings, further demonstrated by the 1% reduction in average home values in the UK.

Regional UK house prices to income

The house price to income ratio differs depending on which part of the country you are located in. London still remains top of the pile, with house prices over 13 times more than median earnings in the capital. The South East is the second most expensive place to live in relation to earnings, with a house price to earnings ratio of just over 10. The North East was found to be the cheapest place to live in relation to earnings, with an average property value 4.87 times higher than the average salary.

A breakdown of regional house prices in England and Wales in relation to people’s income

a shaded regional map of the house price to income ratio, per region, with a year on year comparison

Despite all UK areas seeing a fall in their house price to income ratios between 2021 and 2022, some have seen a greater, or smaller drop, than others. 

Mortgage industry statistics show that the North East saw the biggest change, with house prices almost 0.8 times lower, in relation to income, since 2021. The East of England also saw a relatively significant decrease over this 12-month period, with a reduction of 0.59 in 2022. 

On the other end of the scale, Wales has seen the smallest reduction (0.24), and is the second-most affordable place to live in the UK, alongside the North West.

Mortgage loan statistics: LTV and LTI ratios

The predominant mortgage type in the UK has consistently been for those with an LTV of 75% or less, meaning a 25% deposit saved, as well as a high loan-to-income ratio of either single 4.00+ or joint 3.00+. This shows that UK homeowners prefer to save for a higher deposit, thus seeking lower interest rates when it comes to their mortgage agreement.

A breakdown of the UK mortgage loan to value ratio (LTV) over time

a shaded 100% chart depicting the mortgage loan to value ratio of UK mortgages, compared quarterly from 2021 to 2022

The share of mortgages with a loan to value (LTV) ratio above 90%, reached 5.1% in Q4 2022, according to UK mortgage statistics. This is over four times more than the previous year, when the rate fell to a low of 1.1%, and was 0.1% higher than the previous quarter (Q3 2022). 

Alongside this, those with a 75% LTV mortgage or above saw a gradual decrease in mortgage market share, down from the peak of 38.8% in Q4 2020. In Q4 2022, the rate stood at 32%, a substantial decrease from the previous quarter’s result of 33.4%. 

For mortgages advanced with LTVs of 75% or less in Q4 2022, the percentage increased 1.4% over the previous quarter, going from 61.6% to 63% in just three months. This indicates that prospective home buyers are saving more for their deposit, in the hope of seeking the preferential interest rates seen commonly in, for example, 60% LTV mortgages.

A breakdown of forecasted data for LTV mortgages above 90%, 2023-2025

YearQuarter% Mortgages of over 90% LTV
2023Q15.718
2023Q26.407
2023Q36.532
2023Q46.099
2024Q16.06
2024Q26.749
2024Q36.874
2024Q46.441
2025Q16.402
2025Q27.091
2025Q37.216
2025Q46.783

(Source: Uswitch)

UK mortgage statistics show the rate of mortgages over 90% LTV will increase rapidly between 2023 and 2025.

In Q1 2023, approval for 90%+ LTV mortgages had increased from the last quarter by 0.6% (5.7% and 5.1% respectively). That rate of growth rises by Q2 2023, with a 0.7% increase to 6.4%.

By Q3 2025, 7.2% of all UK mortgages will have an LTV of 90% or higher. This is a 2.2% increase from Q3 2022,a marked increase over just three years.

However, forecasts also show that Q4 2025 will see the 90%+ LTV rate decrease, down to 6.7% from the previous quarter’s 7.2%. 

Those looking to secure a mortgage with the best rates will need to have a deposit of at least 25%, as high LTV mortgages offer the highest mortgage interest rates on the market. The statistics above are a potential sign that consumers are struggling to balance general outgoings (such as rent and other bills) while saving for a deposit, and as such have to utilise high LTV mortgage options.

A breakdown of UK mortgage lending over time, based on level of household incomes

A breakdown of UK mortgage lending over time, based on level of household incomes

As of Q4 2022, just under half (49.3%) of lending was to borrowers with a high loan to income (LTI) ratio. These people are defined as single-income households, with an LTI ratio of four or above, or joint-income households with an LTI of three or above. 

This decreased by 0.8% from the previous quarter in 2022. These loans equated to almost 13% of gross mortgage lending in Q1 2022, which remained broadly the same compared to Q1 2022. 

Single income borrowers with an LTI ratio between 3 to 3.5, and joint income borrowers with an LTI ratio between 2.50 to 2.75, occupy the smallest group in the mortgage lending statistics for Q4 2022. 

In Q1 2022, this group accounted for only 7.3% of approved mortgages. This is an increase of 0.6% from the previous quarter. 

UK mortgage repayment statistics 

According to UK remortgage statistics, the number of approvals for remortgaging decreased from 47,200 in May 2022, to 44,000 in June 2022. This remained below the 12-month, pre-pandemic average of 49,500 up to February 2020.

Between 2012 and 2021, the quarterly amount of repayments for the secured loans on UK dwellings steadily increased, reaching £13.3 billion in Q3 2021.

A breakdown of UK remortgage repayments over time

 a comparative line graph depicting UK mortgage repayments, the type of loan in which repayments happen, broken down by quarter from 2012 to 2021

These figures include all home purchase loans and remortgaging. The lowest point in the previous decade was in Q3 2012, when historical mortgage statistics showed the value stood at almost £8.2 billion (about 60% less compared to 2021). In the second half of 2020, repayments dropped to £10.7 billion as a direct reaction to Covid-19 (figures not seen since the end of 2013). 

In real terms, this meant that UK households were typically spending an average of £28.20 a week on their capital repayment of mortgages. 

UK mortgage repayments on redemption fees

Redemption charges refer to the early repayment fees that a borrower must pay if they wish to repay their loan back earlier than the final repayment date. Between 2012 and 2021, the value of repayments on the redemption of secured loans on UK dwellings generally increased, with some significant fluctuations. 

As of Q3 2021, this value stood at £38.5 billion. Back in Q1 2012, £20.8 billion was paid in early repayment charges, rising to a peak of £43.2 billion in 2018 (an increase of over 50%). Expectedly, the amount repaid did drop in Q2 2020, to approximately £10 billion below the same period in 2019. 

Lump sum repayments on UK mortgages

Lump sum repayments is when a mortgage borrower decides to pay extra off their mortgage, in addition to the standard monthly payment. Since 2012, the value of mortgage repayments in the UK has generally increased, in between periods of stagnation or fluctuation. As of Q3 2021, the amount of repayments stood at £5.3 billion, marginally down from a peak of £5.8 billion in Q1 2021. 

An expected drop occurred in Q2 2020, but soon picked up again over the subsequent months of 2020 at rates not experienced since 2015/16. 

Uswitch.com mortgage survey (August 2022)

We polled 2,007 adults around the UK aged 18 and over to find out how they feel about mortgages, their current repayments, outstanding arrears, the value of their property, and more. 

Please note: As with any survey, there is always the potential for human error and misunderstanding of questions which could potentially skew results.

Mortgage repayment by industry

IndustryAverage monthly salary of industryPrice of houseMonthly mortgage repayments% of salary spent on mortgage% of employees up-to-date with repayments but unable to switch% of employees who have somewhat struggled
Arts & Culture£2,487£198,664.43£874.7035.17%90.48%38.10%
Travel & Transport£4,598£183,043.14£777.9516.92%84.13%47.62%
HR£3,198£218,000.00£1,259.9639.40%84.00%76%
Manufacturing & Utilities£4,108£205,015.48£816.2819.87%83.78%36.04%
Retail, Catering & Leisure£2,747£162,299.54£769.9128.03%80.92%40.13%
Finance£3,480£230,344.41£1,074.6730.88%78.17%45.07%
IT & Telecoms£5,989£240,213.71£1,110.9818.55%76.86%59.50%
Healthcare£1,495£196,821.53£830.6455.56%76.60%39.01%
Architecture, Engineering & Building£2,188£265,104.17£1,049.9647.99%75.00%45.83%
Sales, Media & Marketing£1,954£227,169.46£1,172.9660.03%75.00%55.77%
Education£2,934£203,108.14£853.7029.10%73.56%35.87%
Legal£2,145£224,090.91£851.6339.70%52.73%54.55%

Those working in HR pay more on their monthly mortgage repayments than any other industry. At almost £1,260 per month, this was almost £100 a month more than the next highest (Sales, Media, and Marketing) at around £1,173. As a percentage, however, HR repayments were just over 39% of their average monthly salary. 

Even though sales, media, and marketing pay less than HR per month on their mortgage, this is in fact over 60% of their average monthly take home. Healthcare workers have the lowest average monthly salary of all the sectors in our study, at just under £1,500. This means they are using over 55% of their wages in order to keep up with mortgage repayments.  

Those working in IT and telecoms have the highest average monthly salary out of all the professions, at almost £6,000. Despite having a moderately large monthly mortgage repayment, this equates to just under 19% of their salary (the second lowest in our study behind travel and transport at almost 17%). 

Over 90% of those in the arts and culture industry were up-to-date with their mortgage repayments, but were unable to switch, compared to just over half of those in the legal sector. 

In terms of those who have struggled with mortgage repayments, over three-quarters were in HR, with almost 60% in IT and telecoms. Those in education actually fared the best in terms of keeping up with repayments, with almost 36% saying they have found it difficult to maintain their monthly mortgage payments. 

Young buyer statistics compared to other age groups 

Young buyer mortgage repayments compared to other age groups

N18-24 (%)18-24 (Count)25-34 (%)25-34 (Count)35-44 (%)35-44 (Count)45-54 (%)(45-54) Count55+ (%)55+ (Count)
N-101-602-645-415-244
Less than £500, please specify in £5.94%622.59%13623.26%15027.95%11637.70%92
£500 - £99931.68%3254.82%33052.71%34051.81%21542.62%104
£1,000 - £1,49922.77%2312.79%7712.87%839.88%419.43%23
£1,500 - £1,99910.89%114.49%274.50%293.13%132.05%5
£2,000 - £2,4999.90%101.99%121.55%100.24%10.41%1
£2,500 - £2,99910.89%111.66%101.09%70.48%21.23%3
£3,000 or more, please specify in £0.99%10.33%20.00%00.48%20.41%1
Unsure6.93%71.33%84.03%266.02%256.15%15
Mean: £ (EXCL: Unsure)-1390.9-874.35-849.92-786.89-763.79

In terms of monthly mortgage repayments, those aged 18 to 24 pay considerably more each month compared to other age groups. According to our study, the mean average for 18 to 24 year olds is £1,390 per month (almost the same amount as 45 to 54 and the over 55s combined). By contrast, those aged 25 to 34 and 35 to 44 pay on average around £850 to £875 per month on their mortgages. 

When broken down by amount, under 6% of 18 to 24 year olds pay less than £500 per month on their mortgage, compared to almost 38% of those over 55. 18 to 24 year olds also had the least proportion of people with payments between £500 and £999 per month, at just under 32%, compared to almost 55% for those between 25 to 34. 

Over a fifth of 18 to 24 year olds have payments between £1,000 and £1,499 (the most of any age group). This is almost double that for the 25 to 34 and 35 to 44 age groups. In contrast, less than 10% of those between 45 to 54 and over 55 have a payment in this bracket. 

Astonishingly, 18 to 24 is the most popular age group for all other payment categories. Over 10% have payments between £1,500 and £1,999, as well as £2,500 to £2,999. One person aged 18 to 24 from our study even had monthly repayments of over £3,000, compared to two in the 25 to 34 and 45 to 54 age groups.

N18-24 (%)18-24 (Count)25-34 (%)25-34 (Count)35-44 (%)35-44 (Count)45-54 (%)(45-54) Count55+ (%)55+ (Count)
N-101-602-645-415-244
1 = Have not struggled at all30.69%3156.98%34360.47%39059.76%24861.48%150
2 = Have struggled a little42.57%4331.56%19028.06%18126.27%10922.54%55
3 = Have struggled16.83%177.64%467.44%487.47%3110.25%25
4 = Have really struggled6.93%72.49%152.48%165.30%224.92%12
Unsure2.97%31.33%81.55%101.20%50.82%2

As the cost of living in the UK continues to rise, one of the areas that people are concerned about is whether they can keep up with monthly mortgage repayments. 

Over the past 12 months, those in the 18 to 24 age bracket have struggled more than any other age group to repay their mortgage each month. Less than a third of 18 to 24 year olds claim to have not struggled at all with this over the previous year, compared to around 60% for each of the other age groups. 

Conversely, almost 43% of 18 to 24 year olds have struggled a little to pay their mortgage each month, compared to almost a third of 25 to 34 year olds, and less than 30% for those between 35 and 55 years of age.

Almost 17% of those aged 18 to 24 admitted to struggling, with just under 7% claiming to have really struggled (the most out of all the age groups). 

Young buyer mortgage lengths compared to other age groups 

The vast majority of people from our survey took out a 25 year mortgage. This was around a quarter of those aged 18 to 24, compared to around 64% for 45 to 54 year olds and 56% for the over 55s. 

Nearly 17% of 18 to 24 year olds had an original mortgage of less than 25 years (the second highest group after the over 55s with almost 29%). Just 8% of 35 to 44 year olds had a mortgage of less than 25 years. 

Conversely, those aged 18 to 24 were the most popular age group for mortgages lengths between 26 to 29 years. 

Almost 16% of 18 to 24 year olds had a 30 year mortgage, compared to 19% for 25 to 34 year olds and 18% for 35 to 44 year olds, yet only 7% had a mortgage of 35 years. 

Incidentally, the only age group to not have a mortgage of 39 years or more was the 18 to 24 bracket.

N18-24 (%)18-24 (Count)25-34 (%)25-34 (Count)35-44 (%)35-44 (Count)45-54 (%)(45-54) Count55+ (%)55+ (Count)
N101602645415244
less than 25 years, please specify in years16.83%176.31%388.37%5415.42%6428.69%70
25 years25.74%2628.07%16944.03%28463.61%26456.15%137
26 years8.91%91.99%121.40%91.20%50.00%0
27 years4.95%51.83%113.26%212.17%90.00%0
28 years3.96%43.32%202.02%131.45%61.23%3
29 years3.96%41.33%80.93%61.45%60.41%1
30 years15.84%1619.44%11718.14%1178.19%345.74%14
31 years0.99%11.16%70.31%20.24%10.00%0
32 years0.99%12.99%181.24%80.48%20.00%0
33 years0.00%02.33%141.24%80.48%20.00%0
34 years0.99%11.00%60.78%50.00%00.00%0
35 years6.93%718.77%1139.92%641.20%50.41%1
36 years0.99%10.50%30.16%10.00%00.00%0
37 years0.99%10.50%30.47%30.24%10.00%0
38 years0.99%10.50%30.62%40.00%00.00%0
39 years0.00%00.83%50.78%50.00%00.00%0
40 years0.00%06.31%381.09%70.48%20.00%0
More than 40 years, please specify0.00%00.17%10.31%20.24%10.41%1

It is likely that there will be future growing pressure on UK homeowners, as the BoE continues to increase interest rates to curb rising inflation. It is estimated that over the course of 2022 and 2023, mortgages could increase by as much as 40%. 

As of August 2022, the UK property market is beginning to slow down due to a rise in borrowing costs, and the anticipation of further hikes. Capital Economics forecasts that UK house prices could drop by as much as 10% in order to combat the rising interest rates.

20% of UK mortgages are floating (one that is subject to daily market fluctuations), so these borrowers will feel the rising interest rates almost immediately. Of the remaining 80% that are fixed, around a quarter of them will expire by August 2023. This means from the 100% stock of mortgages, about 40% will see higher rates before the end of 2022. 

The BoE has said that While UK households will feel the pinch in the coming months, it will not be as bad as the global financial crisis of 2008.

Glossary

Mortgage

A mortgage is an agreement a prospective homeowner undertakes with a lending service, such as a bank, to purchase a home. The bank takes your deposit, purchases the property title, and then sets out the details of the repayment plan with the homeowner. In return for purchasing the property on the prospective homeowners behalf, the lender charges a rate of interest to the mortgage.

Mortgage arrears

Mortgage arrears are what happens when a homeowner, bound by their mortgage contract, ceases to continue paying their mortgage. This can either be not paying the mortgage on time, or having too little to pay the monthly instalments. According to mortgage arrears statistics, over 75,000 residential homeowners are currently in mortgage arrears across the UK. If you are in mortgage arrears, or are about to be, consult with your lender. They may be able to offer a mortgage holiday, wherein they pause the mortgage payments for an amount of time, or extend the length of your mortgage, therefore spreading out the payments further.

Loan-to-Value

Put simply, the loan-to-value ratio is the proportion of the property value borrowed, compared to the overall cost of the property. For example, on an average UK home of £300,000, a mortgage applicant may put down £30,000 as a deposit, which is 10% of the overall home value, leaving £270,000 to be paid off by mortgage.Therefore, the LTV ratio for that mortgage deal is 90%. 

The higher the LTV ratio, the higher the interest rates lenders offer. If an applicant has just a 5% deposit saved, meaning a 95% LTV mortgage ratio, they are likely to be offered higher interest rate mortgages.

Repossessions

A repossession is where the bank takes back ownership of the home in full, thus evicting the tenant in situ. A repossession is nearly always due to being in mortgage arrears. In the final quarter of 2022, 733 homes were repossessed by UK lenders, according to 2022 mortgage arrears statistics. To avoid repossession, those at risk should consult with their mortgage lender for further advice.

Standard Variable Rate

An SVR mortgage, or standard variable rate is the lender's standard rate if no deal term is entered, and typically borrowers fall onto this when a previously taken mortgage deal ends. For example, a homeowner might select a 2-year fixed term mortgage, in which they pay a set interest rate. Once those two years are up, the mortgage moves to a standard variable rate. Usually, a move onto the SVR yields higher interest rates than those on a fixed-term or variable rate mortgage deal. Homeowners can remortgage up to six months prior to the end of their deal in order to avoid their lender’s SVR .

Building society

A building society is similar to a bank, but the management of the group pays interest on investments by members. Therefore, building societies are run and part-owned by the members that use their services, whereas banks are traditionally owned by shareholders, who acquire partial ownership of the bank via the stock market.Like banks, building societies act as mortgage lenders for prospective homeowners, facilitating home purchases and offering mortgages. 

Interest rates

Interest rates, in relation to mortgages, are the proportion that is charged as interest by the lender. Banks profit from issuing mortgages charging interest on top of the loan repayments. The rate of interest offered depends on your deal, whether the mortgage is fixed or variable, and your personal circumstances, as well as the Bank of England’s current base rate.


FAQs

How do I get a mortgage?

To apply for a mortgage, prospective homeowners should apply for a mortgage agreement in principle, to get an idea of whether they are able to qualify for the loan that they need. The lenders will look at annual income, employment type, credit history, current outgoings, and provide a preliminary offer - subject to confirmation at full application, once you’ve selected a property. Your loan size is dictated by how much deposit you are able to offer, to form the LTV ratio.

From there, investigate the best lender available to you. This can be down to interest rates offered, repayment terms that suit you, or benefits associated with taking out a specific mortgage from a lender. Be prepared for the mortgage process to take time: while it is possible for a mortgage to be approved in 14 days, most financial checks take considerably longer.

What happens when your house is repossessed?

During a repossession, lenders will firstly have the occupants removed from the property. This is known as an eviction. Then, they will formally repossess the home, and seek to re-sell immediately. Sometimes, houses that have been repossessed can be sold through auction, but the majority are sold through traditional means.

Once the property is sold, the lenders will take everything they’re owed from the sale. Then, deduct legal fees and estate agent fees too, before giving the homeowner what’s left over (if anything).


Does having a student loan affect your mortgage?

Yes, although not in the way something like credit card debt would. Student loans do not appear on credit checks, but your loan and repayment scheme will impact on your overall ability to borrow. Banks look through all finances, like monthly outgoings, and judge your ability to repay your mortgage consistently and on time. Student loan repayments reduce your monthly take-home pay, meaning it may be slightly harder for you to pass the bank’s financial stress tests for lending.

How much does the average house cost in the UK?

Across the UK, the average home cost £290,381 in Q1 2023, about £2,500 less than that of Q4 2022’s prices. For England, but excluding London, the average home cost £288,736, and in Wales, the average home cost just £207,789.

How much is the average house in London?

In London, the average home price was a remarkable £550,756 in Q1 2023. This is almost double that of the average house price in England, which stood at £288,736 (excluding the Capital).

Methodology and sources

https://www.statista.com/statistics/321065/uk-england-home-owners-age-groups/  

https://www.ons.gov.uk/peoplepopulationandcommunity/housing/articles/researchoutputssubnationaldwellingstockbytenureestimatesengland2012to2015/2020#:~:text=Of%20those%2024.7%20million%20dwellings,a%20mortgage%20or%20a%20loan 

https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/ 

https://www.statista.com/statistics/286481/england-buying-with-mortgage-ownership-by-household-type/

https://www.ukfinance.org.uk/data-and-research/data/mortgages/later-life-lending 

https://www.bigissue.com/news/housing/leeds-building-society-lender-mortgages-second-homes/ 

https://www.statista.com/statistics/285838/distribution-of-dwellings-with-mortgage-in-the-united-kingdom-uk-by-type/ 

https://tradingeconomics.com/united-kingdom/mortgage-approvals

https://www.statista.com/statistics/428589/uk-banking-number-approvals-lending-house-purchase/

https://www.Building Societya.org.uk/statistics/glossary-of-terms  

https://www.lloydsbankinggroup.com/assets/pdfs/media/press-releases/2022-press-releases/halifax/20220122-halifax-annual-ftb-review-2021.pdf 

https://www.statista.com/statistics/429451/uk-residential-loans-house-purchase-by-purpose-gross-advance/ 

https://www.experian.co.uk/blogs/latest-thinking/fraud-prevention/fraud-statistics/ 

https://www.designfacility.com/Experian/Fraud-Index-Q4-2021/index.html 

https://www.estateagenttoday.co.uk/breaking-news/2022/8/only-4-of-homes-have-signed-up-to-property-fraud-alert-service?source=newsticker 

https://www.statista.com/statistics/428498/gross-mortgage-lending-united-kingdom/ 

https://www.statista.com/statistics/428979/quarterly-gross-mortgage-lending-united-kingdom/https://www.statista.com/statistics/320057/uk-banking-value-approvals-lending/ 

https://www.statista.com/statistics/429460/uk-gross-mortgage-lending-building-societies/ 

https://www.fca.org.uk/data/commentary-mortgage-lending-statistics-q1-2022 

https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/ 

https://www.bankofengland.co.uk/statistics/effective-interest-rates/2022/june-2022 

https://www.theguardian.com/money/2022/jul/11/average-svr-mortgage-paid-uk-borrowers-tops-5-per-cent 

https://www.theguardian.com/business/2022/jun/16/bank-of-england-raises-interest-rates-to-125-to-tackle-inflation 

https://www.theguardian.com/business/2020/mar/19/bank-of-england-cuts-interest-rates-to-all-time-low-of-01 

https://www.theguardian.com/money/2022/jun/20/average-svr-paid-by-uk-mortgage-borrowers-hits-highest-level-in-13-years

Data sources for “Mortgage repayment by industry” (accessed 11/09/2022)

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsbyindustryearn03

Data sources for “Mortgage repayment by industry” (accessed 11/09/2022)

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsbyindustryearn03 

https://www.bbc.co.uk/news/business-62920969

https://www.bbc.co.uk/news/business-53319433

https://www.rateinflation.com/inflation-rate/uk-inflation-rate/ 

https://www.bbc.co.uk/news/live/business-64457377 

Data sources for “Mortgage repayment by industry” (accessed 11/09/2022)

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsbyindustryearn03 

https://www.bbc.co.uk/news/business-62920969


https://www.bbc.co.uk/news/business-53319433

https://www.statista.com/statistics/321097/distribution-of-home-owners-in-england-uk-by-type-of-home-financing-and-age/


https://www.ons.gov.uk/peoplepopulationandcommunity/housing/datasets/numberofresidentialpropertysalesfornationalandsubnationalgeographiesquarterlyrollingyearhpssadataset06


https://www.bankofengland.co.uk/statistics/money-and-credit/2023/january-2023


https://tradingeconomics.com/united-kingdom/mortgage-approvals


https://www.lloydsbankinggroup.com/media/press-releases/2023/halifax-2023/more-than-six-in-10-first-time-buyers-go-joint-to-get-on-housing-ladder.html


https://www.fca.org.uk/data/commentary-mortgage-lending-statistics-q4-2022


https://www.experian.co.uk/blogs/latest-thinking/fraud-prevention/fraud-statistics/


https://www.experian.co.uk/blogs/latest-thinking/fraud-prevention/quarterly-fraud-index-report/#reportform


https://www.fca.org.uk/data/mortgage-lending-statistics#:~:text=Latest%20findings,higher%20than%20in%202021%20Q4


https://www.statista.com/statistics/428979/quarterly-gross-mortgage-lending-united-kingdom/


https://www.statista.com/statistics/320057/uk-banking-value-approvals-lending/


https://www.bsa.org.uk/statistics/mortgages-housing


https://www.fca.org.uk/data/commentary-mortgage-lending-statistics-q4-2022

https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/


https://www.bankofengland.co.uk/statistics/visual-summaries/effective-interest-rates


https://www.ukfinance.org.uk/data-and-research/data/arrears-and-possessions


https://tradingeconomics.com/united-kingdom/home-loans


https://www.statista.com/statistics/311449/uk-lending-outstanding-personal-debt-in-the-united-kingdom/


https://www.bankofengland.co.uk/statistics/mortgage-lenders-and-administrators/2022/2022-q4


https://mlp-app.apps.alpha.mojanalytics.xyz/


https://www.bsa.org.uk/information/consumer-factsheets/general/building-society-assets-(1)


https://www.ukfinance.org.uk/data-and-research/data/largest-mortgage-lenders


https://www.financial-ombudsman.org.uk/data-insight/annual-complaints-data/annual-complaints-data-insight-2021-22


https://www.statista.com/statistics/419030/complaints-about-mortgage-endowments-to-ombudsman-united-kingdom-uk/


https://landregistry.data.gov.uk/app/ukhpi/browse?from=2022-03-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Fwales&to=2023-03-01&lang=en


https://landregistry.data.gov.uk/app/ukhpi/browse?from=2022-03-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Funited-kingdom&to=2023-03-01&lang=en


https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/december2021


https://www.gov.uk/government/statistics/uk-house-price-index-for-february-2023/uk-house-price-index-summary-february-2023


https://www.ons.gov.uk/peoplepopulationandcommunity/housing/datasets/ratioofhousepricetoresidencebasedearningslowerquartileandmedian