Mortgage debt grows by 88% - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Mortgage debt grows by 88%

Mortgage debt grows by 88%

Category: Mortgages

Updated: 05/02/2013
First Published: 05/02/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The value of the UK's mortgage debt grew by 88% between 2002 and 2012, according to latest research by Halifax.

Total mortgage debt rose from £675 billion to £1.27 trillion, with the value of the UK's housing stock increasing by 62% over the same ten-year period.

The value of owner-occupied and private rented properties reached £4.2 trillion at the end of last year compared with £2.57 trillion in 2002.

Martin Ellis, housing economist at Halifax, said: "The combined value of all privately owned houses in the UK is estimated to have exceeded £4 trillion at the end of last year.

"The increase in total housing value over the past decade is equivalent to over £71,000 per privately owned property. Aggregate housing equity held by UK households is in a healthy state with total housing assets worth nearly £3 trillion more than the total value of mortgage debt."

What next?

Search all mortgages
Mortgage repayment calculator
How much can you borrow calculator

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.

10-year fixed mortgage market flourishes

Given upcoming negotiations on the UK’s relationship with the EU, we are expected to have some uncertain times ahead. As a result, many borrowers will be seeking long-term mortgage repayment security, and happily, the 10-year market is flourishing.