Due to interest rates decreasing in recent years, mortgages in the United Kingdom have become overall more affordable: In 2007, when mortgages were the least affordable, a home buyer spent on average 23.6 percent of their income on mortgage interest and 7.2 percent on capital repayment. In 2019, the year with the most affordable mortgages, mortgage interest accounted for 5.9 percent and capital repayment was 11.5 percent of their income. As interest rates increase in response to the rising inflation, mortgage affordability is expected to worsen. Though below the levels observed before 2007, the total mortgage repayment between 2022 and 2026 is expected to exceed 23 percent of income.
Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026
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Other statistics that may interest you Mortgages in the United Kingdom (UK)
Introduction
7
- Premium Statistic Mortgage affordability in the UK 2002-2022 with a forecast until 2026
- Premium Statistic Average mortgage interest rates in the UK 2000-2024, per quarter and type
- Premium Statistic Gross mortgage lending in the UK 2007-2022
- Basic Statistic Outstanding amounts of lending to individuals in the UK 2007-2024, by loan type
- Premium Statistic Regional median LTV ratio for mortgage sales in the UK 2018 to 2022
- Basic Statistic Gross mortgage lending market share of leading UK banks 2021-2022
- Premium Statistic Building societies ranked by group assets in the UK 2023
Mortgage volumes
8
- Premium Statistic Total number of mortgage sales in the UK 2018-2022, by interest rate type
- Premium Statistic Average value of mortgages granted in the UK 2016-2023, per quarter
- Premium Statistic Number of mortgage approvals in the UK 2017-2023, per month
- Premium Statistic Number of mortgage approvals in the UK 2012-2023, by loan type
- Basic Statistic Gross mortgage lending and change from previous year in the UK 2007-2023, per quarter
- Basic Statistic Value of mortgage approvals in the UK 2017-2023
- Premium Statistic Residential loans for house purchase (gross advances) in the UK 2015-2023, by scheme
- Premium Statistic Mortgage loans distribution (gross advances) in the UK 2015-2023, by purpose
Households with mortgage: context and distribution
6
- Basic Statistic Homebuyer sentiment in the UK 2012-2023, per quarter
- Premium Statistic Distribution of new homes with a mortgage in the UK 2022, by type
- Basic Statistic Homeowner distribution in England 2023, by home financing and age
- Premium Statistic Share of homes with mortgage in 2023, by household type
- Premium Statistic First-time buyer mortgage in the UK 2022-2023, by region
- Premium Statistic Major barriers to buying a residential property in the UK 2016-2023
Mortgage repayments
6
- Basic Statistic Mortgage payment to income share in the UK 2000-2022, by type of buyer
- Basic Statistic Value of regular mortgage repayments in the UK 2012-2023, per quarter
- Basic Statistic Secured lending: repayments on redemption in the UK 2012-2023, per quarter
- Premium Statistic Value of mortgage lump sum repayments in the UK 2012-2023, per quarter
- Premium Statistic Mortgage interest and council tax: weekly household spending in the UK 2022, by type
- Premium Statistic Dwellings and mortgages: weekly household spending in the UK 2022, by type
Repossessions and consumer complaints
5
- Premium Statistic Residential mortgage loan write-offs: share in the UK 2022, with a forecast by 2025
- Premium Statistic Number of landlord and mortgage repossessions in England 2010-2023, per quarter
- Premium Statistic Customer complaints relating to mortgage services in the UK 2010-2023
- Basic Statistic Customer complaints about mortgage endowments in the UK 2009-2023
- Basic Statistic Complaints against home financing providers in the UK in H2 2022, by firm
Further Content: You might find this interesting as well
Savills. (July 29, 2022). Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026 [Graph]. In Statista. Retrieved June 13, 2024, from https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/
Savills. "Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026." Chart. July 29, 2022. Statista. Accessed June 13, 2024. https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/
Savills. (2022). Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026. Statista. Statista Inc.. Accessed: June 13, 2024. https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/
Savills. "Mortgage Affordability in The United Kingdom (Uk) from 2002 to 2022 with a Forecast until 2026." Statista, Statista Inc., 29 Jul 2022, https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/
Savills, Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026 Statista, https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/ (last visited June 13, 2024)
Mortgage affordability in the United Kingdom (UK) from 2002 to 2022 with a forecast until 2026 [Graph], Savills, July 29, 2022. [Online]. Available: https://www.statista.com/statistics/1175257/mortgage-affordability-in-the-uk/