There were 279,606 mortgage transactions in the first three months of 2024, totalling more than £51.5bn, data from Uswitch has revealed.
Houses were the most popular property type for a mortgage in 2023-24, constituting almost 80% of quotes for the year at an average of £179,116.
Around two-thirds (63.43%) of mortgages were 2-years in length, with an average value of £182,263.
The most popular region for Uswitch mortgage quotes was Greater London, accounting for 17.51% of the overall total.
This produced an average London mortgage of £266,822 – the highest of all UK regions.
This was followed by the South East with an average mortgage value of £210,877.
With around one in 11 (11.44%) quotes from the South East, this region was almost a quarter (23.4%) less than the average London mortgage.
By contrast, the region with the lowest average mortgage was Northern Ireland.
Based on Uswitch consumer quotes between January and December 2023, the typical mortgage for a property in Northern Ireland was just under £125,000 – more than half the amount compared to London.
After London, Birmingham is the next most popular city for mortgage quotes in 2023 (3.2%), with an average mortgage of around £154,000 – around three-fifths (58.7%) compared to the typical property in London.
Glasgow and Manchester both accounted for less than 2.5% of mortgage quotes in 2023, with respective average mortgage values of £130,564 and £146,070.
