Average mortgage interest rates in the UK 2000-2024, per quarter and type
Mortgage rates increased at a record pace in 2022, with the 10-year fixed mortgage rate doubling between March 2022 and December 2022. With inflation increasing, the Bank of England introduced several bank rate hikes, resulting in higher mortgage rates. In January 2024, the average 10-year fixed rate interest rate stood at 4.7 percent. As borrowing costs get higher, demand for housing is expected to decrease, leading to slower house price growth and a potential market downturn.
How have the mortgage hikes affected the market?
After surging in 2021, the number of residential properties sold declined in 2022, reaching close to 1.3 million. Despite the number of transactions falling, this figure was higher than the period before the pandemic. The falling transaction volume also affected mortgage borrowing. In 2023, the value of new mortgage loans fell year-on-year for three quarters in a row.
How are higher mortgages affecting homebuyers?
Homeowners with a mortgage loan usually lock in a fixed rate deal for two to ten years, meaning that after this period runs out, they need to renegotiate the terms of the loan. Many of the mortgages were taken out during the period of record-low mortgage rates and are likely to face notable increases in their monthly repayment. About five million homeowners are projected to see their deal expire by the end of 2026. About two million of these loans are projected to experience a monthly payment increase of up to 199 British pounds by 2026.
Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to January 2024, by type of mortgage
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Survey time period
March 2000 to January 2024
Supplementary notes
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 2 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 3 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 5 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 10 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 2 year (75% LTV) variable rate mortgage to households (in percent) not seasonally adjusted.
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Other statistics on the topic
Gross mortgage lending market share of leading UK banks 2022-2023
Homeowner distribution in England 2023, by home financing and age
+
Building societies ranked by group assets in the UK 2023
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First-time buyer mortgage in the UK 2022-2023, by region
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Statistics on " Mortgages in the United Kingdom (UK) "
The most important statistics
- Mortgage affordability in the UK 2002-2022 with a forecast until 2026
- Average mortgage interest rates in the UK 2000-2024, per quarter and type
- Gross mortgage lending in the UK 2007-2023
- Outstanding amounts of lending to individuals in the UK 2007-2024, by loan type
- Regional median LTV ratio for mortgage sales in the UK 2018 to 2022
- Gross mortgage lending market share of leading UK banks 2022-2023
- Building societies ranked by group assets in the UK 2023
The most important statistics
- Total number of mortgage sales in the UK 2018-2022, by interest rate type
- Average value of mortgages granted in the UK 2016-2023, per quarter
- Number of mortgage approvals in the UK 2017-2023, per month
- Number of mortgage approvals in the UK 2012-2023, by loan type
- Gross mortgage lending and change from previous year in the UK 2007-2023, per quarter
- Value of mortgage approvals in the UK 2017-2023
- Residential loans for house purchase (gross advances) in the UK 2015-2023, by scheme
- Mortgage loans distribution (gross advances) in the UK 2015-2023, by purpose
The most important statistics
- Homebuyer sentiment in the UK 2012-2023, per quarter
- Distribution of new homes with a mortgage in the UK 2023, by type
- Homeowner distribution in England 2023, by home financing and age
- Share of homes with mortgage in 2023, by household type
- First-time buyer mortgage in the UK 2022-2023, by region
- Major barriers to buying a residential property in the UK 2016-2023
The most important statistics
- Mortgage payment to income share in the UK 2000-2023, by type of buyer
- Value of regular mortgage repayments in the UK 2012-2023, per quarter
- Secured lending: repayments on redemption in the UK 2012-2023, per quarter
- Value of mortgage lump sum repayments in the UK 2012-2023, per quarter
- Mortgage interest and council tax: weekly household spending in the UK 2022, by type
- Dwellings and mortgages: weekly household spending in the UK 2022, by type
The most important statistics
- Residential mortgage loan write-offs: share in the UK 2022, with a forecast by 2025
- Number of landlord and mortgage repossessions in England 2010-2023, per quarter
- Customer complaints relating to mortgage services in the UK 2010-2023
- Customer complaints about mortgage endowments in the UK 2009-2023
- Complaints against home financing providers in the UK in H2 2022, by firm
Other statistics that may interest you Mortgages in the United Kingdom (UK)
- Premium Statistic Mortgage affordability in the UK 2002-2022 with a forecast until 2026
- Premium Statistic Average mortgage interest rates in the UK 2000-2024, per quarter and type
- Premium Statistic Gross mortgage lending in the UK 2007-2023
- Basic Statistic Outstanding amounts of lending to individuals in the UK 2007-2024, by loan type
- Premium Statistic Regional median LTV ratio for mortgage sales in the UK 2018 to 2022
- Basic Statistic Gross mortgage lending market share of leading UK banks 2022-2023
- Premium Statistic Building societies ranked by group assets in the UK 2023
- Premium Statistic Total number of mortgage sales in the UK 2018-2022, by interest rate type
- Premium Statistic Average value of mortgages granted in the UK 2016-2023, per quarter
- Premium Statistic Number of mortgage approvals in the UK 2017-2023, per month
- Premium Statistic Number of mortgage approvals in the UK 2012-2023, by loan type
- Basic Statistic Gross mortgage lending and change from previous year in the UK 2007-2023, per quarter
- Basic Statistic Value of mortgage approvals in the UK 2017-2023
- Premium Statistic Residential loans for house purchase (gross advances) in the UK 2015-2023, by scheme
- Premium Statistic Mortgage loans distribution (gross advances) in the UK 2015-2023, by purpose
Households with mortgage: context and distribution
- Basic Statistic Homebuyer sentiment in the UK 2012-2023, per quarter
- Premium Statistic Distribution of new homes with a mortgage in the UK 2023, by type
- Basic Statistic Homeowner distribution in England 2023, by home financing and age
- Premium Statistic Share of homes with mortgage in 2023, by household type
- Premium Statistic First-time buyer mortgage in the UK 2022-2023, by region
- Premium Statistic Major barriers to buying a residential property in the UK 2016-2023
- Basic Statistic Mortgage payment to income share in the UK 2000-2023, by type of buyer
- Basic Statistic Value of regular mortgage repayments in the UK 2012-2023, per quarter
- Basic Statistic Secured lending: repayments on redemption in the UK 2012-2023, per quarter
- Premium Statistic Value of mortgage lump sum repayments in the UK 2012-2023, per quarter
- Premium Statistic Mortgage interest and council tax: weekly household spending in the UK 2022, by type
- Premium Statistic Dwellings and mortgages: weekly household spending in the UK 2022, by type
Repossessions and consumer complaints
- Premium Statistic Residential mortgage loan write-offs: share in the UK 2022, with a forecast by 2025
- Premium Statistic Number of landlord and mortgage repossessions in England 2010-2023, per quarter
- Premium Statistic Customer complaints relating to mortgage services in the UK 2010-2023
- Basic Statistic Customer complaints about mortgage endowments in the UK 2009-2023
- Basic Statistic Complaints against home financing providers in the UK in H2 2022, by firm
Further related statistics
- Premium Statistic Gross mortgage lending share of UK leading banks in 2013
- Premium Statistic Average monthly mortgage rate on housing by CC. AA. Spain 2015
- Premium Statistic Total outstanding balances of credit to households for home purchases Spain 2005-2015
- Premium Statistic Total outstanding balances of mortgage loans Spain 2005-2015
- Premium Statistic Distribution of new commitment mortgage loans by type of real estate Spain 2020
- Premium Statistic Total mortgage loan value Spain 2005-2016
- Premium Statistic Duration of the new mortgage loan contacted by Spain 2015
- Premium Statistic Share of U.S. loans in foreclosure processes 2000-2023, per quarter
- Premium Statistic Interest rates on banks and mortgage companies' deposits in Norway 2018-2023
- Premium Statistic Average value of mortgage granted in Poland 2006-2022
- Premium Statistic Outstanding value of mortgage loans of Banca MPS in Italy H1 2016-H1 2018
- Premium Statistic Monthly outstanding amount of loans in Denmark 2007-2022, by type of bank
- Basic Statistic Annual short-term interest rate in Turkey 2009-2018
- Premium Statistic Repossessions of mortgages to landlords in England and Wales Q1 2010-Q1 2021
- Premium Statistic Real interest rates in Bhutan 2014-2023
- Premium Statistic Savings deposit interest rates of finance companies Singapore 2013-2022
- Premium Statistic Monthly reverse repo rate of Bank Indonesia 2023
Further Content: You might find this interesting as well
Statistics
- Gross mortgage lending share of UK leading banks in 2013
- Average monthly mortgage rate on housing by CC. AA. Spain 2015
- Total outstanding balances of credit to households for home purchases Spain 2005-2015
- Total outstanding balances of mortgage loans Spain 2005-2015
- Distribution of new commitment mortgage loans by type of real estate Spain 2020
- Total mortgage loan value Spain 2005-2016
- Duration of the new mortgage loan contacted by Spain 2015
- Share of U.S. loans in foreclosure processes 2000-2023, per quarter
- Interest rates on banks and mortgage companies' deposits in Norway 2018-2023
- Average value of mortgage granted in Poland 2006-2022
- Outstanding value of mortgage loans of Banca MPS in Italy H1 2016-H1 2018
- Monthly outstanding amount of loans in Denmark 2007-2022, by type of bank
- Annual short-term interest rate in Turkey 2009-2018
- Repossessions of mortgages to landlords in England and Wales Q1 2010-Q1 2021
- Real interest rates in Bhutan 2014-2023
- Savings deposit interest rates of finance companies Singapore 2013-2022
- Monthly reverse repo rate of Bank Indonesia 2023
Topics
Mortgages in the UK 
U.S. housing market 
Mortgage industry in the U.S. 
Mortgage industry in South Korea 
Mortgage industry worldwide: developed markets
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