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 May 2025, the average 10-year fixed rate interest rate reached **** percent. As borrowing costs get higher, demand for housing is expected to decrease, leading to declining market sentiment and slower house price growth. How have the mortgage hikes affected the market? After surging in 2021, the number of residential properties sold declined in 2023, reaching just above *** million. Despite the number of transactions falling, this figure was higher than the period before the COVID-19 pandemic. The falling transaction volume also impacted mortgage borrowing. Between the first quarter of 2023 and the first quarter of 2024, the value of new mortgage loans fell year-on-year for five straight 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 outstanding were taken out during the period of record-low mortgage rates and have since faced notable increases in their monthly repayment. About **** million homeowners are projected to see their deal expire by the end of 2026. About *** million of these loans are projected to experience a monthly payment increase of up to *** British pounds by 2026.

This dataset contains weekly updated mortgage rates in the UK, featuring fixed and variable rate products from top lenders.

Interest rates in the UK spiked in 2022 and 2023, with the average rate for new mortgage advances to individuals and individual trusts rising by 3.61 percentage points between January 2022 and January 2024. Mortgages on a floating interest rate were the most expensive as of January 2024, at 5.75 percent. On the other hand, the average rate for new advances with a five-year fixed rate was 4.88 percent.

Mortgage interest rates in the UK were on a downward trend for more than a decade before soaring in 2022. In the second quarter of 2024, the average weighted interest rate stood at *** percent - nearly ***** times the Interest rate in the fourth quarter of 2021. Mortgage rates also vary depending on the type of mortgage: Historically, fixed rate mortgages with a shorter term had on average lower interest rates. What types of mortgages are there? In terms of the type of interest rate, mortgages can be fixed and variable. A fixed interest rate is simply a mortgage where the rate of repayment is fixed, while a variable rate depends on the lender’s underlying variable interest rate. Furthermore, mortgages could be for a house purchase or for refinancing. The vast majority of mortgages in the UK are fixed rate mortgages for house purchase, and only a small share is for remortgaging. How big is the UK mortgage market? The UK has the largest mortgage market in Europe, amounting to nearly ** billion euros in gross residential mortgage lending as of the second quarter of 2023. When comparing the total outstanding residential mortgage lending, the UK also ranks first with about *** trillion euros.

Mortgage Rate in the United Kingdom decreased to 7.09 percent in May from 7.19 percent in April of 2025. This dataset provides - United Kingdom BBA Mortgage Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Interest rate on new mortgages in the United Kingdom decreased to 4.49 percent in April from 4.50 percent in March of 2025. This dataset includes a chart with historical data for the United Kingdom Interest Rate on New Mortgages.

Dataset of UK mortgage products with 10-year fixed terms, including initial rates, APRC, fees, and LTV percentages.

Data for households in receipt of Support for Mortgage Interest (SMI) loans is available in Stat-Xplore on a quarterly basis.

These quarterly experimental statistics include the number of households who are currently in receipt of the support as well as the number who have received SMI loans so far (see the background information and methodology note for an explanation of households).

The statistics are broken down by:

• Quarter
• Country, Region
• Qualifying Benefit

Geography data

Geography information may not be up to date for some households. This affects the geography statistics from April 2020.

Background information

Read the background information and methodology note for guidance on these statistics, such as timeliness and interpretation.

Feedback

Please answer this https://forms.office.com/Pages/ResponsePage.aspx?id=6fbxllcQF0GsKIDN_ob4ww6eQtaLpw1MuH5cgQWx29tUMVE4QkFPVlUxMVM5VllRMDc2REpUWVc5UC4u" class="govuk-link">short survey to help us make the statistics better for you.

We welcome all feedback on the content, relevance, accessibility and timing of these statistics to help us in producing statistics that meet user needs. For non-media enquiries on these statistics email: laura.parkhurst@dwp.gov.uk

For media enquiries please contact the DWP press office.

Next release

Support for Mortgage Interest statistics are published quarterly. The dates for future releases are listed in the statistics release calendar.

Pre-release access

In addition to staff who are responsible for the production and quality assurance of the statistics, up to 24-hour pre-release access is provided to ministers and other officials. We publish the job titles and organisations of the people who have been granted up to 24-hour pre-release access to the latest Support for Mortgage Interest statistics.

Interest Rate on Outstanding Mortgages in the United Kingdom decreased to 3.84 percent in March from 3.87 percent in February of 2025. This dataset includes a chart with historical data for the United Kingdom Interest Rate on Outstanding Mortgages.

Dataset of UK mortgage products with 1-year fixed terms, including initial rates, APRC, fees, and LTV percentages.

Graph and download economic data for Consumer Price Index: Retail price Index: All Items Less Mortgage Interest Rate for the United Kingdom (CPRPTT02GBM661N) from Jan 1975 to Feb 2018 about mortgage, United Kingdom, all items, retail, CPI, interest rate, interest, housing, rate, price index, indexes, and price.

Mortgage interest rates in Europe soared in 2022 and remained elevated in the following two years. In many countries, this resulted in interest rates more than doubling. In the UK, the average mortgage interest rate rose from **** percent in 2020 to **** percent in 2023, before falling to **** in 2024. Why did mortgage interest rates increase? Mortgage rates have risen as a result of the European Central Bank (ECB) interest rate increase. The ECB increased its interest rates to tackle inflation. As inflation calms, the ECB is expected to cut rates, which allows mortgage lenders to reduce mortgage interest rates. What is the impact of interest rates on home buying? Lower interest rates make taking out a housing loan more affordable, and thus, encourage homebuying. That can be seen in many countries across Europe: In France, the number of residential properties sold rose in the years leading up to 2021, and fell as interest rates increased. The number of houses sold in the UK followed a similar trend.

Mortgage Approvals in the United Kingdom decreased to 60.46 Thousand in April from 63.60 Thousand in March of 2025. This dataset provides the latest reported value for - United Kingdom Mortgage Approvals - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Business mortgages, or buy-to-let (BTL) mortgages, are a loan sold to property investors, rather than to people who want to purchase a home to live in. In 2022, the five-year fixed mortgage interest rate for a BTL property in the United Kingdom was 3.47 percent, which was an increase by 0.27 percent compared to the same quarter of 2021. Conversely, the 10-year mortgage rate decreased from 3.81 percent to 3.7 percent. The vast majority of UK landlords had a fixed mortgage, with 5-year fix being the most popular mortgage term.

Weekly updated dataset of HSBC mortgage products, detailing interest rates, LTVs, APRC values, and product fees.

The benchmark interest rate in the United Kingdom was last recorded at 4.25 percent. This dataset provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This dataset provides values for MORTGAGE RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Mortgage brokers’ revenue is anticipated to climb at a compound annual rate of 4.5% over the five years through 2024-25 to £2.3 billion, including estimated growth of . Rising residential property transactions stimulated by government initiatives and rising house prices have driven industry growth. However, mortgage brokers have faced numerous obstacles, including downward pricing pressures from upstream lenders and a sharp downturn in the housing market as rising mortgage rates ramped up the cost of borrowing. After a standstill in residential real estate activity in the immediate aftermath of the COVID-19 outbreak, ultra-low base rates, the release of pent-up demand, the introduction of tax incentives and buyers reassessing their living situation fuelled a V-shaped recovery in the housing market. This meant new mortgage approvals for house purchases boomed going into 2021-22, ramping up demand for brokerage services. 2022-23 was a year rife with economic headwinds, from rising interest rates to fears of a looming recession. Yet, the housing market stood its ground, with brokers continuing to benefit from rising prices. Elevated mortgage rates eventually hit demand for houses in the first half of 2023, contributing to lacklustre house price growth in 2023-24, hurting revenue, despite a modest recovery in the second half of the year as mortgage rates came down. In 2024-25, lower mortgage rates and an improving economic outlook support house prices, driving revenue growth. Mortgage brokers’ revenue is anticipated to swell at a compound annual rate of 5.3% over the five years through 2029-30 to £2.9 billion. Competition from direct lending will ramp up. Yet, growth opportunities remain. The emergence of niche mortgage products, like those targeting retired individuals and contractors, as well as green mortgages, will support revenue growth in the coming years. AI is also set to transform the industry, improving cost efficiencies by automating tasks like document verification, risk assessment and customer profiling.

OECD descriptor ID: CPRPTT02 OECD unit ID: IXOB OECD country ID: GBR

All OECD data should be cited as follows: OECD, "Main Economic Indicators - complete database", Main Economic Indicators (database),http://dx.doi.org/10.1787/data-00052-en (Accessed on date) Copyright, 2016, OECD. Reprinted with permission.

12-month history of average fixed mortgage rates for first-time buyers, segmented by LTV band.