Mortgage and Property Investment Magazine Logo

The number of homeowners who own their home outright has increased over the last 10 years, according to new data

by | Jan 12, 2024

Share this article

The team at Confused.com mortgages have compiled a report looking at how the property market has changed over the last several decades, including a breakdown of the percentage of homeowners paying off a mortgage against those who own their home outright. 

Homeowners paying off a mortgage vs homeowners who own their home outright:

YearPercentage of homeowners who own the property outrightPercentage of homeowners paying off a mortgageAll owner-occupiers as % of all households
199225.1%43.1%68.2%
199525.4%43.1%68.5%
200028.4%42.2%70.6%
200530.3%40.3%70.7%
2010-1132.0%34.0%66.0%
2016-1734.1%28.4%62.6%
2017-1833.9%29.6%63.5%
2018-1934.4%29.4%63.8%
2019-2034.9%29.7%64.6%
2020-2134.7%30.1%64.9%
2021-2234.8%29.5%64.3%

Over 2021-2022, there were 15.6 million owner-occupied households. These 15.6 million make up 64.3% of all households. This is a similar percentage to the last year (64.9%) and over the last decade. 

 
 

The number of owner-occupied households in the UK has increased over the last 4 decades. In 1982, 59% of homes were owner-occupied. Today that figure is 64.3%

Since 2013-14, there have been fewer people paying off a mortgage than people who own a house outright. Last year, 34.8% of households were outright owners, and 29.5% were paying off a mortgage.

Further Study Insights: 

 
  • It would take someone earning today’s average salary 0.02 years (or about 1 week) to save enough to put down a 20% deposit on a house in 1940.
  • Most of those aged 65 or over own their own homes outright. In 2021 – 2022 only 5% of owner-occupiers 65 or over had mortgages. This compares to over 95% of owner-occupiers aged 16-24 who bought their homes with a mortgage. 
  • The number of owner-occupied households in the UK has increased over the last 4 decades. In 1982, 59% of homes were owner-occupied. Today that figure is 64%. 
  • The average property price in the UK in January 1969 was only £3,757. As of January 2023, the average property price has risen to a record £286,762. This is a 7,533% increase in house prices from 1969 to 2023 or an annual increase of 8.36% every year.
  • Over half of Millennials bought their first home using funds gifted to them from family and friends—a further fifth used funds from inheritance, the highest of any generation. 

Share this article

Related articles

FTBs paying 191% more than their parents did

FTBs paying 191% more than their parents did

New research from My Home Move Conveyancing, the UK’s largest conveyancing services firm, reveals that even after adjusting for inflation, the cost of getting on the ladder today is 191% higher for the average first-time buyer versus what their parents would have paid...

Sign up to the Mortgage and Property Newsletter

Trending articles

IFA Talk logo

IFA Talk Mortage and Property is the new addition to the IFA Talk podcast family, where we discuss the latest topics relevant to Mortgage and Property professionals.

IFA Talk Mortgage & Property Podcast