Mortgage rates surged at an unprecedented pace in 2022, with the average 10-year fixed rate doubling between March and December of that year. In response to mounting inflation, the Bank of England implemented a series of rate hikes, pushing borrowing costs steadily higher. By October 2025, the average 10-year fixed mortgage rate stood at **** percent. As financing becomes more expensive, housing demand has cooled, weighing on market sentiment and slowing house price growth. How have the mortgage hikes affected the market? After surging in 2021, the number of residential properties sold fell significantly in 2023, dipping to just above *** million transactions. This contraction in activity also dampened mortgage lending. Between the first quarter of 2023 and the first quarter of 2024, the value of new mortgage loans declined year-on-year for five consecutive quarters. Even as rates eased modestly in 2024 and housing activity picked up slightly, volumes remained well below the highs recorded in 2021. How are higher mortgages impacting homebuyers? For homeowners, the impact is being felt most acutely as fixed-rate deals expire. Mortgage terms in the UK typically range from two to ten years, and many borrowers who locked in historically low rates are now facing significantly higher repayments when refinancing. By the end of 2026, an estimated five million homeowners will see their mortgage deals expire. Roughly two million of these loans are projected to experience a monthly payment increase of up to *** British pounds by 2026, putting additional pressure on household budgets and constraining affordability across the market.

The benchmark interest rate in the United Kingdom was last recorded at 4 percent. This dataset provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

These National Statistics provide monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. National Statistics are accredited official statistics.

England and Northern Ireland statistics are based on information submitted to the HM Revenue and Customs (HMRC) Stamp Duty Land Tax (SDLT) database by taxpayers on SDLT returns.

Land and Buildings Transaction Tax (LBTT) replaced SDLT in Scotland from 1 April 2015 and this data is provided to HMRC by https://www.revenue.scot/">Revenue Scotland to continue the time series.

Land Transaction Tax (LTT) replaced SDLT in Wales from 1 April 2018. To continue the time series, the https://gov.wales/welsh-revenue-authority">Welsh Revenue Authority (WRA) have provided HMRC with a monthly data feed of LTT transactions since July 2021.

LTT figures for the latest month are estimated using a grossing factor based on data for the most recent and complete financial year. Until June 2021, LTT transactions for the latest month were estimated by HMRC based upon year on year growth in line with other UK nations.

LTT transactions up to the penultimate month are aligned with LTT statistics.

Go to Stamp Duty Land Tax guidance for the latest rates and information.

Go to Stamp Duty Land Tax rates from 1 December 2003 to 22 September 2022 and Stamp Duty: rates on land transfers before December 2003 for historic rates.

The latest release was published 09:30 28 November 2025 and was updated with provisional data from completed transactions during October 2025.

The next release will be published 09:30 09 January 2026 and will be updated with provisional data from completed transactions during November 2025.

https://webarchive.nationalarchives.gov.uk/ukgwa/20240320184933/https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above">Archive versions of the Monthly property transactions completed in the UK with value of £40,000 or above are available via the UK Government Web Archive, from the National Archives.