We explore all the latest mortgage statistics, including average mortgage size, monthly payments and debt, to see how the market currently sits if you are looking for a mortgage deal.
Mortgage statistics UK: Highlights
The average monthly mortgage payment on a house in the UK is £1,428 according to the latest figures.
The average size of a mortgage taken out in the final quarter of 2024 was £200,442.
The average outstanding mortgage debt per household in the UK is £133,508.
In January 2025, the average 2-year fixed-rate mortgage interest rate for a 25% deposit was 4.65%. It was 4.92% for a 15% deposit and 5.35% for a 10% deposit.
As of September 2024, there were over 12.5 million outstanding mortgages in the UK totalling around £1.67 trillion.
In November 2024, the average house price in the UK was £289,707.
What is the average mortgage size in the UK?
The average value of a mortgage taken out between September and December 2024 was £200,442, up 2% from the previous quarter.
The number of mortgages taken out has increased from the previous quarter, with a total of 335,962 mortgages secured on residential homes.
The number of mortgages taken out hit the lowest number since June 2020 in the first quarter of 2024, with 280,775 mortgages taken out.
Mortgage rates have remained high for the past couple of years, but are gradually beginning to drop now as the base rate comes down, which perhaps explains why more people are taking out a new mortgage.
What is the average monthly mortgage payment in the UK?
The average monthly mortgage repayment on a house in the UK is currently £1,428. This is based on the average house price in November 2024, the average 2-year fixed mortgage rate, a 15% deposit and a mortgage length of 25 years.
Average mortgage interest rates in the UK
In January 2025, the average 2-year fixed-rate mortgage interest rate for a 25% deposit was 4.65%. It was 4.92% for a 15% deposit and 5.35% for a 10% deposit.
The average interest rate also varies depending on the length of the fix. While it was 4.65% with a 25% deposit for a 2-year fix, it was 4.5% for a 3-year fix, 4.39% for a 5-year fix and 4.65% for a 10-year fix.
The graph below shows the average rates for fixed-rate mortgages with a 25% deposit and how they’ve changed over time.
While mortgage rates have historically stayed fairly consistent, they began increasing in the middle of 2022. The Bank of England increased the base rate to combat rising inflation, and this had a knock-on effect on mortgage interest rates.
LTV ratio, or loan-to-value ratio, is the ratio of what you borrow as a mortgage. For example, with a 90% LTV mortgage, you would need to put down a 10% deposit. Those who can afford a lower LTV ratio are generally able to access better interest rates, but this can be harder for first-time buyers who can’t put down a large deposit.
The average outstanding mortgage debt in the UK in the third quarter of 2024 was estimated to be £133,508. There were around 12.5 million mortgage accounts active as of September 2024, and the value of residential mortgage loans was £1.67 trillion.
What is the average length of a mortgage in the UK?
25 years is often seen as the standard length for a mortgage. However, in 2022, half of first-time buyer mortgages had terms longer than 30 years, compared to a quarter in 2012, according to data from UK Finance.
Average house prices in the UK
The average UK house price in November 2024 was £289,707. The average price varies across regions of the UK, with an average price of £306,494 in England, £219,446 in Wales, £195,036 in Scotland and £190,553 in Northern Ireland.
The average house price in the UK had been rising since the banking crisis and market crash in 2007-2009 until 2022, reaching £288,465 in September 2022. They then began to drop again in 2023 against a backdrop of high mortgage rates, going back down to an average price of £277,782 in March 2024.
With some fluctuation between 2022 and 2024, house prices now seem to be rising again on the whole, reaching a new high of £292,501 in August 2024. However, there has been a slight decrease in average house prices between August and September 2024.
House-prices-to-earnings ratio: How does your region compare?
The house-price-to-earnings ratio is a way to calculate the affordability of housing by dividing house prices by salary. This varies between regions as both house prices and salaries change.
On average in England and Wales, house prices are 8.1 times the average salary. The ratio is most extreme in London, where house prices are 12.7 times higher than the average yearly salary. Those in the North East of England are in the best position, as house prices here are only 4.9 times earnings.
There were 92,170 homeowner mortgages in arrears of 2.5% or more in the final quarter of 2024. This is a very slight decrease from the previous quarter. 1,030 properties with a homeowner mortgage were taken into possession between September and December 2024, a 12% increase from the previous quarter, but lower than the long-term average.
Click here for more research. For all media enquiries, please contact –
Matt Mckenna
UK Head of Communications T: +44 20 8191 8806
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Sophie Barber is a content marketing manager for Finder in the UK. She has over 5 years experience in writing and publishing clear, concise and informative articles that help consumers make informed decisions. See full bio
Sophie's expertise
Sophie has written 90 Finder guides across topics including:
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