Hello there, fellow property buyer! Do you want to know what the average mortgage amount in the UK is? If so, get ready to dive deep into the mortgage industry and find out all the juicy details you need to know.
So what’s the average mortgage amount in the UK right now? As of October 2023 the average mortgage granted in the UK stands at a cool £189,503. That’s a decent chunk of change, but it’s actually lower than the peak we saw back in July-September 2022, when the average mortgage size hit a whopping £203,381.
But wait. there’s more! The average mortgage amount can vary depending on a few factors like:
- Region: London takes the crown with the highest average mortgage size at over £383,386, thanks to its sky-high housing prices. Other regions like the North East and Yorkshire and the Humber have significantly lower average mortgage amounts.
- First-time buyer vs. existing homeowner: First-time buyers typically have smaller mortgages compared to existing homeowners, who may be looking to upgrade or remortgage their properties.
- Type of property: Detached houses naturally come with larger mortgages compared to flats or terraced houses.
Now, let’s talk about how to calculate your own mortgage amount. This depends on your income, deposit, and the interest rate you’re offered. You can use online mortgage calculators to get a rough estimate, but it’s always best to speak to a mortgage advisor for personalized advice.
Below is a brief summary of the typical mortgage amounts across various UK regions:
| Region | Average Mortgage Amount (October 2023) |
|---|---|
| London | £383,386 |
| South East | £291,847 |
| East of England | £274,606 |
| South West | £266,787 |
| East Midlands | £219,972 |
| West Midlands | £213,369 |
| Yorkshire and the Humber | £192,561 |
| North West | £187,674 |
| North East | £161,390 |
Remember, these are just averages. Your individual mortgage amount will be unique to your circumstances.
In summary, while the UK’s average mortgage amount provides a useful starting point, it is essential to take your unique circumstances and financial objectives into account when preparing to become a homeowner.
Here are some additional resources that you might find helpful:
- Statista – Average value of mortgages granted in the UK 2016-2023, per quarter: https://www.statista.com/statistics/915977/average-value-of-mortgage-granted-in-the-united-kingdom/
- Statista – First-time buyer mortgage in the UK 2022-2023, by region: https://www.statista.com/statistics/792294/first-time-buyer-average-mortgage-by-region-uk/
Average mortgage of first-time buyers in the United Kingdom (UK) from 2022 to 2023, by region (in GBP)
| Characteristic | 2022 | 2023 |
|---|---|---|
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
| – | – | – |
- Immediate access to 1m+ statistics
- Incl. source references
- Download as PNG, PDF, XLS, PPT
United KingdomSurvey time period
2022 to 2023 Supplementary notes
The figures have been calculated by Statista using data from Halifax First-Time Buyer Review. The average mortgage size equals the average house price minus the average deposit.Citation formats
Other statistics on the topicMortgages in the UK
To download this statistic in XLS format you need a Statista Account
To download this statistic in PNG format you need a Statista Account
To download this statistic in PDF format you need a Statista Account
To download this statistic in PPT format you need a Statista Account
As a Premium user you get access to the detailed source references and background information about this statistic.
As a Premium user you get access to background information and details about the release of this statistic.
As soon as this statistic is updated, you will immediately be notified via e-mail.
… to incorporate the statistic into your presentation at any time.
You need at least a Starter Account to use this feature.
You only have access to basic statistics. This statistic is not included in your account. Starter AccountThe ideal entry-level account for individual users.
- Instant access to 1m statistics
- Download in XLS, PDF & PNG format
- Detailed references
Business Solutions including all features. * Prices do not include sales tax.
Average Mortgage Payment UK
FAQ
How much is the UK average mortgage?
How much is mortgage on a 300k house UK?
What is the average outstanding mortgage in the UK?
How much is a 250k mortgage per month UK?
What is the average monthly mortgage payment in the UK?
If you add up all the current UK mortgage payments and divide them by the number of mortgages, you’ll discover the average monthly payment per person is between £665 and £700. The average monthly mortgage repayment on a house in the UK is currently £1,441.36.
How much does a mortgage cost in the UK?
The Office for National Statistics (ONS) has indicated that the current average mortgage in the UK is now around £189,503 at the end of 2023, showing a decrease from an average of £195,788 since September 2022. This figure primarily represents new loans and may not fully capture the overall picture, as it excludes the sizes of existing mortgages.
What is the average house price in the UK?
According to the House Price Index, the average property price is £287,546. However, the average London house price is far higher than this, at around £527,979. On the opposite end of the scale is the North East, with the UK’s lowest average house price at roughly £161,034. What is the average mortgage payment, including interest rates, in the UK?
What is the average mortgage repayment in Great Britain?
In December 2021, there were 119 local authorities in Great Britain where the average mortgage repayment would have been under £1,000 per month for a detached property at the average price for that area, with a 25% deposit, a mortgage term of 25 years and an average mortgage rate of 1.59%.