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Average homebuyer mortgage is two-thirds of house price – which rooms do you own?

Quirky new research compares mortgages, house prices and room sizes to reveal what buyers own in different UK areas

The average homebuyer only owns their kitchen and bathroom when they take out a mortgage on a new home, according to new research from MoneySupermarket.

The comparison site also says that the average buyer takes out a mortgage for 67% of the value when they buy a property.

Here, we look at how different areas of the UK compare and reveal the best mortgages available if you have a deposit of 30% or more.

  • If you’re thinking of buying your first home or moving house, you can get expert mortgage advice – even if you’re only at the start of the process – by calling Which? Mortgage Advisers on 0800 197 8461 or filling in the form at the bottom of the article.

How much of your home do you really own?

The average British homebuyer owns 33% of their property when they first complete on the purchase, equivalent to an average-sized kitchen and bathroom.

They buy the property using an average mortgage of £75,395, according to MoneySupermarket.

With each square metre of an average UK property costing £3,248, the findings reveal that the largest room in the house – the living room – is the most valuable space, and the master bedroom is worth almost £3,000 more than the kitchen.

Room type Average UK room size Average UK room cost
Living room 17.09 sq m £55,519
Kitchen 12.61 sq m £40,965
Bathroom 5.55 sq m £18,030
Master bedroom 13.37 sq m £43,434
Second bedroom 10.88 sq m £35,345
Third bedroom 8.32 sq m £27,029

The researchers also calculated average individual room costs in major UK cities based on the average house price in each location.

According to the analysis, a London living room is worth £45,000 more than one in Glasgow.

Location Master Bedroom Second Bedroom Third Bedroom Bathroom Living Room Kitchen
London £69,430 £56,500 £43,206 £28,821 £88,748 £65,483
Glasgow £34,099 £27,749 £21,219 £14,155 £43,587 £32,161
Cardiff £40,000 £32,550 £24,891 £16,604 £51,129 £37,726

How on earth did they work that out?

Researchers at MoneySupermarket looked at average room sizes in 10,000 homes built since the 1930s using data from Rightmove and Zoopla, and combined this with the average UK house size according to LABC Warranty (67.82 sq m).

They then used MoneySupermarket’s own mortgage data to work out average house prices in different areas, and from there calculated how much each square metre in a typical home costs and what this means for different rooms.

North/South divide

Property owners in the North were paying less but owning more at an earlier stage, according to the research.

The table below shows how much would have been paid and owned in different areas of the UK after five years.

After five years a homeowner in Leeds would own 41% (£78,858) of the value of their home, which is equivalent to a bedroom and kitchen. However, by this stage a homeowner in Edinburgh would own 61% (£204,749), equal to three bedrooms and a living room.

Unsurprisingly, the average deposit put down varies from city to city, meaning buyers are in a different position right from the start of their mortgage term. Here’s how London and Edinburgh compare over the course of 10 years.

Best 70% mortgage options

As the average homebuyer reportedly owns a third of the property when they complete on a mortgage, they may be interested in 70% loan-to-value (LTV) mortgage deals.

An LTV is how much of a mortgage you have in relation to how much the property is worth, expressed as a percentage. For example, if you took out a £150,000 mortgage on a house worth £200,000 you would have an LTV of 75%.

Here are some of the best 70% LTV deals available on a two-year fixed-rate basis, by initial rate.

Best two-year fixed-rate 70% mortgages

Provider Initial rate Revert rate APRC Fees
Halifax 1.49% 4.24% 3.8% £995
HSBC UK 1.49% 3.8% 3.8% £699
Sainsbury’s Bank 1.53% 4% 4% £995

Source: Moneyfacts, 5 March

Advice on your mortgage options

If you’re considering buying a property or moving house, it can be helpful to get advice from a whole-of-market mortgage broker.

To speak to an expert, call Which? Mortgage Advisers on 0800 197 8461 or fill in the form below for a free callback.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Which? Limited is an Introducer Appointed Representative of Which? Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited.

Categories: Money, Mortgages & property

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms & conditions of a provider before committing to any financial products.

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