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Property by the Numbers

Property by the Numbers
November 22, 2019 Hugo Fairey

For some big-picture thinking about the UK property market, we have taken the liberty of compiling a factsheet around some of the numbers that drive it.

Headline figures:

  • £234,370: the average house price in the UK
  • 85 sq m: the average size of a home in the UK
  • £35,423: the average UK salary for those in full-time work
  • 6:1: the UK house price to average salary ratio. Twenty years ago, it was 3:1
  • Households by type:
    • 34% own their home outright
    • 28% own with a mortgage
    • 20% rent privately
    • 17% are in the social renting sector

Mortgages:

  • 94 million: the number of mortgages in the UK
  • £1.451 trillion: the amount of outstanding mortgage lending in the UK
  • 25%: average deposit for a buy to let mortgage. This compares to a 15% average deposit for a first-time buyer mortgage
  • 3.89%: the average 30-year fixed mortgage rate
  • £132,633 average mortgage debt per property
  • 76,580: the number of homeowner mortgages in arrears in the UK during Q1 2019
  • 1 every 94 minutes: the frequency of home repossessions during Q1 2019

Renting:

  • £967 pcm: the average national rent
  • 9%: the proportion of tenants in the Private Rented Sector (PRS) who are in rent arrears. This compares to 25% of social tenants
  • WC1X: the worst yielding postcode for buy-to-let investments, with a 2.28% yield
  • L1: the best yielding postcode for buy-to-let investments, with a 10.00% yield

The housing shortage:

  • 9.1 million homes: the size of England’s current housing shortage
  • 340,000: the number of new homes need to be built each year until 2031 to tackle the housing shortage
  • £189,940: the average cost of building a home

The London market:

  • £1,694 pcm: the average London rent, 75% higher than the national average
  • £653,828: The average house price in London, 179% higher than the national average

 

Sources:

www.landregistry.data.gov.uk

www.statista.com/statistics/752203/average-cost-of-rent-by-region-uk

www.realyse.com

www.totallymoney.com/buy-to-let-yield-map

www.homelet.co.uk/homelet-rental-index

www.architectureforlondon.com