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2021 mortgage defaults1/8/2024 Since July 2021, the number of mortgages 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. A breakdown of mortgage approval numbers between 20 The number of mortgage approvals is an indicator of potential future lending. However, just one year later, that had decreased to just 39,637. January ‘22 saw an overall approval rate of 73, 264 first-time buyer mortgages. The overall rate of UK mortgage approvals has dipped from the highs of early 2022. To establish what size mortgage you can get, based on your income and savings level, consult the Uswitch mortgage affordability calculator. In 2022, over 125,000 flats and maisonettes were sold, 83,000 fewer than that of terraced properties. However, the least popular property type by sale in 2022 was ‘Flats and Maisonettes’,with just 18% of the market dedicated to them. Limited sales of detached properties were contextualised by an overall market share of under a quarter (23.3%), or 162,374 home sales. 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. Therefore, sales of semi-detached properties represented over 28% of all UK homes sold. With just 8,000 fewer sales, semi-detached home sales reached over 200,000 in 2022 (200,263). Over 208,000 terraced properties were sold in 2022, representing nearly 30% of the overall dwellings market. Updated UK mortgage statistics show that terraced houses had the highest share of UK home sales across all dwelling types in 2022. Mortgages by property type A breakdown of the UK home sales market by property type 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. Just over one in 25 homeowners (4.1%) over the age of 65 are still paying off the mortgage for their home in 2023.įrom ages 16 to 54, over eight in 10 (82.3% of) homeowners have or had a mortgage on their property. 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%). 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. 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.Īlmost a third (29.7%) of the people who purchased their house with a mortgage were between the ages of 35 and 44. Generally speaking, as the age group increased, so did the percentage who bought their property outright. A breakdown of UK homeownership by age group and how they purchased their property 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. The distribution of all owner-occupied households in the UK does, however, vary significantly between age groups and how their properties were purchased. By owner-occupied, this refers to homes which have been bought outright, as well as those which have been purchased with a mortgage.Īpproximately 8.8 million (36%) were owned outright, with 6.8 million (28%) owned with a mortgage or a loan. In 2020, of the 24.7 million UK dwellings, just under two-thirds (64%) were estimated to be owner-occupied. The overwhelming majority were those aged 65 and over, occupying over one-third of the homeowner market. 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. In 2021, only 0.7% of homeowners were between the age of 16 and 24. Professional indemnity insurance quotes.Back to Insurance Travel and Business insurance.
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