Ten years in ten stats: How the resi property and mortgage market has shifted in the last decade

The average deposit has doubled; today's average mortgage rate is a quarter of what it was in 2007

To mark ten years in business, Knight Frank Finance has cherry-picked ten statistics that illustrate just how much the residential property and mortgage market has shifted in the last decade…

UK residential property, 2007-2017

 Points of comparison 2007 2017
Average property price in London* £272,015  £477,294
Average property prices in the UK* £177,261  £217,502
Average mortgage rate** 5.55% 1.37%
Average deposit*** £15,168  £32,321
Base rate (April) 5.25% 0.25%
Maximum LTV on offer **** 100% 100%
Volume of mortgages lent**** £371,715m £249,369m
Average age of first time buyer (2011 v 2016)*** 29 30
Market proportion of mortgaged first time buyers *** 36% 49%
Average term of mortgage for first time buyers*** 36% > 25 years 60% > 25 years

* Land Registry (Feb)
**2 Year (75% LTV) Fixed Rate
***Halifax
****Gross advances – Residential mortgage lending to individuals (BofE)
***** theguardian.com; Moneyfacts.co.uk

Simon Gammon, Managing Partner of Knight Frank Finance: “I am extremely proud to see Knight Frank Finance celebrate its 10th anniversary. It is down to the unwavering hard work of the whole team that the firm has been able to grow and thrive so successfully across the past decade.

“Our focus on maintaining relationships with a wealth of lenders, both established and new to the market, has allowed us to provide the all-round, high quality service for clients on which we pride ourselves.

“The mortgage market has certainly changed a great deal since 2007, and I am delighted that we have built such a strong team, who are able to advise on any challenges that our clients may face in the ever-changing world of property finance. After an excellent ten years, I am very much looking forward to the next chapter for Knight Frank Finance.”

knightfrankfinance.co.uk