1 | Data Tables | |||||||
|---|---|---|---|---|---|---|---|---|
2 | Average house price data sourced from Gov - UK House Price Index | |||||||
3 | Average mortgage rates sourced from BSA | |||||||
4 | Forecast increase in house prices by end of 2022/start of 2023 sourced from PropertyData | |||||||
5 | Forecast 0.5% increase in mortgage rates sourced from FT | |||||||
6 | ||||||||
7 | Table shows the monthly cost of repaying a variable rate mortgage in each year after adjusting for inflation, as well as the estimated increase in this cost by the end of the year | |||||||
8 | Year | Average house price | Mortgage loan required (Minus 15% deposit) | Average mortgage rate (Standard Variable Rate) | Full monthly mortgage repayment (*Inflation adjusted) | Monthly repayment change (£) | Monthly repayment change (%) | |
9 | 2022/23 Forecast | £284,536 | £241,855 | 5.67% | £1,512 | £107 | 8% | |
10 | 2022 Current | £278,071 | £236,360 | 5.17% | £1,405 | £290 | 26% | |
11 | 2017 | £221,403 | £188,192 | 4.38% | £1,115* | £216 | 24% | |
12 | 2012 | £168,556 | £143,272 | 4.22% | £899* | N/A | N/A | |
13 | ||||||||
14 | ||||||||
15 | United Kingdom - 2022/23 (forecast) | |||||||
16 | Property average price | £284,536 | ||||||
17 | Average deposit at 15% | £42,680 | ||||||
18 | Mortgage loan required | £241,855 | ||||||
19 | ||||||||
20 | Ave rate (Standard Variable Rate) | 5.67% | ||||||
21 | Term | 25 years | ||||||
22 | ||||||||
23 | Full monthly repayment | £1,512 | ||||||
24 | Interest only monthly payment | £1,145 | ||||||
25 | ||||||||
26 | United Kingdom - 2022 (now) | |||||||
27 | Property average price | £278,071 | ||||||
28 | Average deposit at 15% | £41,711 | ||||||
29 | Mortgage loan required | £236,360 | ||||||
30 | ||||||||
31 | Ave rate (Standard Variable Rate) | 5.17% | ||||||
32 | Term | 25 years | ||||||
33 | ||||||||
34 | Full monthly repayment | £1,405 | ||||||
35 | Interest only monthly payment | £1,018 | ||||||
36 | ||||||||
37 | United Kingdom - 2017 (5 year) | |||||||
38 | Property average price | £221,403 | ||||||
39 | Average deposit at 15% | £33,210 | ||||||
40 | Mortgage loan required | £188,192 | ||||||
41 | ||||||||
42 | Ave rate (Standard Variable Rate) | 4.38% | ||||||
43 | Term | 25 years | ||||||
44 | ||||||||
45 | Full monthly repayment | £1,033 | ||||||
46 | Interest only monthly payment | £687 | ||||||
47 | ||||||||
48 | Full monthly repayment - inflation adj | £1,115 | ||||||
49 | Interest only monthly payment - inflation adj | £741 | ||||||
50 | ||||||||
51 | United Kingdom - 2012 (10 year) | |||||||
52 | Property average price | £168,556 | ||||||
53 | Average deposit at 15% | £25,283 | ||||||
54 | Mortgage loan required | £143,272 | ||||||
55 | ||||||||
56 | Ave rate (Standard Variable Rate) | 4.22% | ||||||
57 | Term | 25 years | ||||||
58 | ||||||||
59 | Full monthly repayment | £774 | ||||||
60 | Interest only monthly payment | £504 | ||||||
61 | ||||||||
62 | Full monthly repayment - inflation adj | £899 | ||||||
63 | Interest only monthly payment - inflation adj | £585 | ||||||