arrowright roundtick plus plus house 66 . 7 % cornercurve

UK Housing and Mortgage Statistics for 2019

By Pete Mugleston

Published: 16th October 2019 Last updated: 16th October 2019
  • Home
  • Blog
  • UK Housing and Mortgage Statistics for 2019
Share

We love mortgages, which is why we’ve taken our passion and created this page to share all the house price statistics and UK mortgage information you ever wanted to know, and more besides.

Read on to find out what the average UK mortgage interest rate is in 2019, how new builds have affected the UK housing shortage and how much you need for the average mortgage deposit today. 

• UK house price statistics

Volume of homes in the UK

First time buyer statistics

Mortgage lenders, products and interest rates

Mortgage deposits and salaries required

Each graph is interactive - hover your mouse over to find out the data for a specific year.


UK house price statistics


Following decades of rising prices, in the last few years, the average price of a home in London is beginning to look like it might stabilise at a little below £500,000. Given the general trend for house prices to rise over time, if you were looking to invest in property in London, 2019 might be a good year to buy.


This graph clearly demonstrates the potential profitability of buying a detached house in London. While the average price of all property types listed is trending upwards, the rise in detached house prices far exceeds the price differential of a semi-detached, terraced house, flat or maisonette property.
If you're thinking of buying in London and have the means to buy a detached home, the gains could be worth stretching for.

The UK saw property prices rise steadily from 1995, peaking in September 2007 until the financial crash of 2008 brought house prices to their lowest in February 2009. Housing prices surpassed the former 2007 peak during August 2014, and has continued to rise significantly.


Volume of homes in the UK


For ten years, between 1996 and 2006, the number of new builds was relatively stable but the 2007-2008 financial crisis had a massive impact and the number of new homes being built reduced dramatically.
In 2010, the number of new homes being built was at its lowest point, with only 59,747 new builds compared with 136,040 in 2006. Even in 2018, there were 24,640 fewer new builds than there had been during 2006, prior to the financial crisis.


The number of new builds in 2006 hit a peak with over 130,000 new homes built in just one year. So it follows logic that the volume of houses between £150,001-£200,000 shows that the maximum number of houses built in this price range also happens in 2006.
However, since the financial crisis, far fewer homes in that price range have been built and although there was a slight uptick in 2015, the volume was quick to drop away in the following couple of years. Suggesting that buyer confidence was slower to return than building firms might have hoped.


First time buyer statistics


The average age of a first time buyer has been slowly increasing over the past 15 years, with 30.3 being the median age in 2006-2007 and peaking at 33.2 in 2016-2017.


A higher percentage of couples with no dependents were first-time buyers, compared to households of just one parent/guardian with dependents. However, in 2015-16, 37% of first-time buyers had dependent children, up from 23% in 2005-06 (as shown). This increase equates to an additional 93,000 first-time buyer households with children.


Mortgage lenders, products and interest rates


The average income needed to buy a property has risen sharply in certain parts of the UK. For example, £47,283 was the average amount needed to purchase a property in Bristol, whereas in 2018 this increased by 24% to £58,826.

Popular mortgage products

Repayment mortgages are one of the most common mortgage types, with fixed and tracker mortgages also being popular. Two-year fixed-rate contracts are by far the most common mortgage type.


In July 2019, 67,306 mortgages were approved for first time buyers, remortgaging, moving house etc, though a significant 43,342 mortgage applications came from first time buyers. This is a jump from July 2018 which saw 39,171 first time buyer applications.

Lender Rank (2018) Lending (£bn) (2018) Market Share (2018) Rank (2017) Lending (£bn) (2017) Market Share (2017)
Lloyds Banking Group 1 42.5 15.8% 1 41.0 15.7%
Nationwide BS 2 35.7 13.3% 2 31.7 12.2%
Royal Bank of Scotland 3 30.5 11.4% 3 30.9 11.9%
Santander 4 28.3 10.5% 4 25.2 9.7%
Barclays 5 23.1 8.6% 5 23.2 8.9%
HSBC Bank 6 21.5 8.0% 6 18.2 7.0%
Coventry BS 7 9.2 3.4% 7 8.6 3.3%
Yorkshire BS 8 8.7 3.2% 9 7.8 3.0%
Virgin Money 9 6.8 2.5% 8 8.4 3.2%
Clydesdale Bank plc 10 5.0 1.9% 11 5.9 2.3%

Lloyds Banking Group came out on top with a gross lending value of £42.5bn in 2018, owning 15.8% of the market share. Virgin Money’s lending, on the other hand, dropped from £8.4bn in 2017 to £6.8bn in 2018 – a 0.7% drop in the market share.

Annual interest score of 'equity release' as a search term


Google searches for ‘equity release’ shot up after a low point on 23rd December 2018, with 78 searches on 30th December 2018 and peaking with 100 searches on 3rd February 2019. Prior to 23/12/18, searches started significantly declining from 21st October 2018. This may suggest that interest in equity release falls in the build-up to Christmas and takes off again afterwards.


Mortgage deposits and salaries required

Area Avg. House Price Avg. Deposit Deposit as % of Purchase Price
Scotland £139,318 £20,605 15%
North Ireland £124,035 £18,605 15%
North West £148,055 £22,208 15%
Wales £140,201 £16,586 12%
West Midlands £168,519 £25,901 15%
South West £207,329 £38,371 18%
South East £275,632 £52,921 19%
London £419,608 £114,952 27%
East £210,639 £38,915 18%
East Midlands £163,218 £24,825 15%
Yorks and Humber £140,766 £21,115 15%
North East £126,685 £19,003 15%

By area, London has the highest deposit as 27% of the property purchase price, with £114,952 being the average deposit needed for a £419,608 property. By contrast, Wales has the lowest, with an average deposit of £16,586 put down for a £140,201 property (12%).

Average income needed to buy a home in the UK
City/Town 2015 2018 Change
London £83,500 £84,250 1%
Cambridge £76,250 £74,000 -3%
Oxford £70,250 £69,750 -1%
Bournemouth £50,757 £61,311 21%
Bristol £47,283 £58,826 24%
Portsmouth £41,485 £50,202 21%
Edinburgh £41,004 £48,277 18%
Southampton £40,709 £47,871 18%
Cardiff £36,545 £43,043 18%
Leicester £29,599 £36,317 23%
Manchester £28,130 £34,770 24%
Leeds £29,074 £34,583 19%
Aberdeen £39,651 £34,262 -14%
Birmingham £27,246 £33,619 23%
Nottingham £25,937 £31,904 23%
Sheffield £24,852 £28,530 15%
Belfast £24,096 £27,222 13%
Newcastle £24,567 £27,015 10%
Glasgow £22,406 £25,607 14%
Liverpool £21,667 £24,731 14%
City Average £44,974 £52,994 18%

By area, London has the highest deposit as 27% of the property purchase price, with £114,952 being the average deposit needed for a £419,608 property. By contrast, Wales has the lowest, with an average deposit of £16,586 put down for a £140,201 property (12%).


Sources

HM Land Registry Open Data

GOV.UK

House Network

Which?

Google Trends

Financial Conduct Authority

Bank Rate

Natwest

Trading Economics

UK Finance

Statista

Get in touch, we're always here to help!

You can contact us via any option below