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
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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 December 22, 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 December 22, 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: December 22, 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 December 22, 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/
