Average mortgage length for recent first-time buyers in England 2022-2023

Published by Statista Research Department, Mar 11, 2024

Most mortgages for recent first-time buyers in England had a loan term of over 30 years in 2023. Nevertheless, the share of mortgages with a loan duration of over 30 years decreased from 55.5 percent in 2022 to 52.2 percent in 2023. Mortgages with a shorter duration of up to 19 years also became less common. On the other hand, the share of 20-to-29-year loans grew from 38 percent, to 43.9 percent.

Distribution of recent first-time buyers in England from 2022 to 2023, by mortgage term

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Source

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Release date

December 2023

Region

United Kingdom (England)

Survey time period

2022 and 2023

Number of respondents

261

Special properties

first-time buyers residents for less than three years

Method of interview

Face-to-face interview

Supplementary notes

This statistic uses original data from the Department for Levelling Up, Housing and Communities and includes copyright material licensed under © Crown, the Open Government License v3.0

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