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.
Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage
new advances to to individuals and individual trusts
Supplementary notes
Monthly average of UK resident banks' sterling weighted average interest rate, loans secured on dwellings, new advances to Individuals and individual trusts (in percent); CFMZ6JM
Monthly average of UK resident banks' sterling weighted average interest rate - loans secured on dwellings, new advances on floating rate to Individuals and individual trusts (in percent); CFMZ6JOÂ
Monthly average of UK resident banks' sterling weighted average interest rate - loans secured on dwellings, new advances on fixed rate to Individuals and individual trusts (in percent); CFMZ6JV
Monthly average of UK resident banks' sterling weighted average interest rate - loans secured on dwellings, new advances, fixed rate, <=2yr to Individuals and individual trusts (in percent); CFMZ6JX
Monthly average of UK resident banks' sterling weighted average interest rate - loans secured on dwellings, new advances, fixed rate, 5yrs to Individuals and individual trusts (in percent); CFMZ6K3
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Bank of England. (March 8, 2024). Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/
Bank of England. "Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage." Chart. March 8, 2024. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/
Bank of England. (2024). Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/
Bank of England. "Average Interest Rates for New Mortgage Advances in The United Kingdom (Uk) from January 2016 to January 2024, by Type of Mortgage." Statista, Statista Inc., 8 Mar 2024, https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/
Bank of England, Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage Statista, https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/ (last visited November 03, 2024)
Average interest rates for new mortgage advances in the United Kingdom (UK) from January 2016 to January 2024, by type of mortgage [Graph], Bank of England, March 8, 2024. [Online]. Available: https://www.statista.com/statistics/1455523/uk-average-interest-rates-for-new-mortgage-advances/
