Housing affordability in the UK has worsened notably since 2020, with the share of income spent on mortgage rising for first-time and repeat buyers. In 2023, homebuyers spent, on average, 20.6 percent of their income on mortgage payments, 4.4 percentage points higher than in 2020. This increase was higher for first-time buyers than for repeat buyers. House prices have soared since the COVID-19 pandemic, followed by a dramatic increase in interest rates. As fewer people can afford to buy a home, the number of mortgage approvals for house purchase has dropped.
Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer
Characteristic
First-time buyer
All buyers
Former owner occupier
2023
22.1%
20.6%
19.5%
2022
18.9%
17.9%
17.2%
2021
17.2%
16.4%
15.9%
2020
17.1%
16.2%
15.6%
2019
17.6%
16.6%
16%
2018
17.6%
16.7%
16%
2017
17.4%
16.4%
15.9%
2016
17.5%
16.4%
15.7%
2015
17.6%
16.3%
15.6%
2014
18.4%
16.9%
16.2%
2013
17.9%
16.3%
15.6%
2012
18.3%
16.8%
16.2%
2011
17.8%
16.3%
15.8%
14%16%18%20%22%24%
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The source adds the following information: "From 1999, the average mortgage rate is a composite figure which has been constructed from a weighted combination of building society and bank mortgage interest figures to give an overall estimate of the mortgage rate. The mortgage repayment is for capital and interest charges. The data published in these tables are based on a sub-sample of RMS data. These results will therefore differ from results produced using full sample data."
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Office for National Statistics (UK). (July 17, 2024). Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer [Graph]. In Statista. Retrieved May 13, 2025, from https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). "Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer." Chart. July 17, 2024. Statista. Accessed May 13, 2025. https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). (2024). Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer. Statista. Statista Inc.. Accessed: May 13, 2025. https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK). "Total Mortgage Payment as a Percentage of Income in The United Kingdom (Uk) from 2000 to 2023, by Type of Buyer." Statista, Statista Inc., 17 Jul 2024, https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
Office for National Statistics (UK), Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer Statista, https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/ (last visited May 13, 2025)
Total mortgage payment as a percentage of income in the United Kingdom (UK) from 2000 to 2023, by type of buyer [Graph], Office for National Statistics (UK), July 17, 2024. [Online]. Available: https://www.statista.com/statistics/1106852/share-of-mortgage-payment-from-income-united-kingdom-first-time-buyers-and-former-owners/
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