In the fourth quarter of 2022, the number of mortgage sales (PSD) in the United Kingdom (UK) stood at over 293,000. Of these, the vast majority were taken out with fixed interest rates. In 2022, the average interest rates in the UK increased dramatically after a long period of steady decline.
A fixed interest rate is simply a mortgage where the rate of repayment is fixed. The source defines a standard variable rate as "the rate that is the lender’s underlying variable interest rate. This rate is a basic variable rate charged to borrowers with no discounts or other special deals. It is also the rate used by the lender as a reference rate when defining a discounted variable rate product (e.g., discounted product ABC is 0.50% below the lender’s standard variable or basic rate). This is the rate that mortgage deals will often revert to after a special rate period."
Product sales data (PSD) is collected by the Financial Conduct Authority (FCA) and includes new sales (including remortgages); transfers, top-ups, alterations (such as mortgage switches with the same lender). It does not include data on transactions made through fund supermarkets and nominee accounts (such as those used in platforms) and, increments and renewals are generally not included according to the source. In the United Kingdom all home finance providers are required to submit the mortgage PSD.
Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type
(in 1,000s)
Characteristic
Fixed rate
Variable rate
Other
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Statista. (June 28, 2023). Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type (in 1,000s) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/
Statista. "Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type (in 1,000s)." Chart. June 28, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/
Statista. (2023). Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type (in 1,000s). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/
Statista. "Total Number of Mortgage Sales in The United Kingdom (Uk) from 1st Quarter 2018 to 4th Quarter 2022, by Interest Rate Type (in 1,000s)." Statista, Statista Inc., 28 Jun 2023, https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/
Statista, Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type (in 1,000s) Statista, https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/ (last visited August 24, 2024)
Total number of mortgage sales in the United Kingdom (UK) from 1st quarter 2018 to 4th quarter 2022, by interest rate type (in 1,000s) [Graph], Statista, June 28, 2023. [Online]. Available: https://www.statista.com/statistics/1077566/total-number-of-mortgage-sales-in-the-united-kingdom-by-interest-rate/