UK Home Ownership Statistics 2024

As of March 2024, approximately half of UK adults are homeowners, accounting for almost 26.4 million people nationwide. Within this group, just over a quarter (28%) have achieved this by outright ownership (either as cash buyers or a mortgage that has been paid off), while around a fifth (22%) have done so with an existing mortgage.

By analysing the most recent data available, we have created the ultimate report on UK homeownership statistics for 2024 by analysing key trends in the UK’s homeownership market to show how the landscape is changing for those on the property ladder. 

Top UK homeownership statistics 2024  

• There are around 28.36 million homeowners in the UK, with almost 90% found in England 

• London is the UK region with the highest number of houses (3.79 million)

• The UK’s average household size is 2.36 residents per property 

• More than two-thirds (66.5%) of UK households consist of one family, making them the most popular household type. 

• Almost two-thirds (64.5%) of UK adults own a property 

• Just under a third (32%) of people in England and Wales own a semi-detached house or bungalow making it the most popular type of housing among property owners. 

• Just over two-thirds (66.2%) of those aged 65+ are homeowners 

• UK homeownership rates are highest in the South East (67.1%) compared to London where less than half (46.8%) of the population are property owners

• North Norfolk is the UK local authority with the highest rates of homeownership, where just under half (48.6%) of residents own their property outright. 

• As of Q1 2024, gross mortgage advances reached a value of £51.6 billion with new mortgage commitments reaching £60.1 billion  

• Almost a third (32%) of UK mortgage holders don’t expect to pay it off by the time they are 65

• The average homeowner in Wales could become mortgage-free by the age of 59 – the lowest age of all UK regions. 

UK household statistics 

How many households are in the UK?

According to the latest homeowner statistics from the ONS, there were 28.36 million households in the UK as of 2023. This represented a 1.4% increase from the previous year

A breakdown of the number of houses in the UK over time (2003-23)

Since 2003, the number of households in the UK has risen year-on-year, by a total of 14.9% within twenty years. 

How many houses are in England?

As of 2023, there were approximately 25.4 million houses in England. This represented a rise of 0.93% from 2022 (or an additional 234,000 new homes built within the previous 12 months).

A breakdown of how many homes in England (est.) (2013-23)

Since 2013, the number of homes in England has increased year-on-year by an average of +0.86% per year. Since 2017, more than 200,000 new homes have been built each year in England, with the highest figure coming in 2020 when almost a quarter of a million new properties were added to England’s housing stock. 

How many houses are in Scotland? 

The most recent homeownership statistics from the National Records of Scotland indicate that, as of 2022, there were approximately 2.7 million dwellings in Scotland. This represented a rise of 0.91% from 2021, equating to an additional 24,386 properties across the country.

A breakdown of the number of dwellings in Scotland (est.) (2012-22)

Since 2012, the number of houses in Scotland has grown each year by an average of 0.7%. Back then, there were around 2.52 million households in Scotland – a figure that had risen by 71.14% by 2022 and equated to almost 185,000 extra houses on the Scottish property ladder.  

How many houses are in Wales? 

As of 2022, household statistics indicate around 1.47 million houses located across Wales. Within the previous 12 months, an additional 5,200 were added to the country’s housing stock, representing a rise of 0.35% within the year.

A breakdown of the number of dwellings in Wales (est.) (2012-22)

Since 2002, the number of houses in Wales has increased by almost 14%. This means 197,000 extra dwellings have been built across the country within 20 years, at an average growth rate of +0.69% per year. 

How many houses are in Northern Ireland?

As of 2022-23, there were approximately 822,100 houses in Northern Ireland, according to homeownership statistics from the Department for Communities. This represented a rise of 0.97% from the previous year, during which an additional 7,900 were built and added to the country’s property stock.

A breakdown of the number of dwellings in Northern Ireland (est.) (2013-23)

Back in 2013-13, there were 762,300 properties across Northern Ireland. In the space of 10 years, this figure has risen by 7.8%, resulting in an extra 63,600 houses across the country. 

How many houses are in London and other UK regions?

According to UK homeownership statistics, London is the region with the highest number of houses at approximately 3.79 million. 

This is around 10.4% more than the North West in second. In all, the number of houses in London represents about 14.9% of England’s housing, and, at 24.11 dwellings per hectare, represents the most densely populated region of the UK for housing. 

A breakdown of how many houses are in London and other UK regions (est.) (2023)

The North West, by contrast, is the UK’s second most densely populated region for housing at 2.42 properties per hectare. With a housing stock of more than 3.4 million, this represents around 13.4% of all the houses in England. 

Conversely, the South East has the smallest number of dwellings across all English regions at 410,972, accounting for around 1.6% of all English properties. Yet, as the second smallest region by area, this produces a density of 2.15 houses per hectare – the third highest in the country.

A breakdown of UK areas with the highest housing density (2023)

In terms of the UK’s highest density of housing, the vast majority are situated within London, with Kensington and Chelsea in the west recording the highest number of dwellings per hectare at 73.97. This is followed closely by Islington in the north of the capital (72.56) and Tower Hamlets in the east at 71.45 as the only other two London boroughs with a housing density greater than 70. 

At the other end of the scale, Merton (23.41 dwellings per hectare) has a housing density of more than two-thirds smaller compared to that of Kensington and Chelsea. 

Incidentally, in thirteenth position, Newham’s housing density of almost 36 properties per hectare is roughly half that of neighbouring Tower Hamlets in third.  

Average household size in the UK

As of 2023, the UK’s average household size was 2.36 residents per property – similar to the recorded figure 10 years earlier (2.37 residents).  

UK household statistics by household type  

Around two-thirds (66.5%) of UK households in 2023 consisted of one family, making them the most popular household type in the country for that year.

A breakdown of UK households by type (2023)

Less than a third (29.6%) of UK houses contain one person living alone, with less than 3% consisting of two or more unrelated adults.  

UK household statistics by type of property

Generally speaking, as the council tax band increases, the number estimated number of houses within that band decreases. There are around 6.2 million band A houses across England and Wales, accounting for just under a quarter (23.57%) of all houses.

A breakdown of UK household statistics by est. number of houses in each council tax band

The next most popular is Band C, attributing just over a fifth (21.85%) of houses in England and Wales, followed by Band B (19.64%). 

Houses that fall under the tax band ‘I’ occupy just 0.02% of all houses, at 5,610.

A breakdown of UK household statistics by est. number of houses for each type of property

Terraced houses are the most popular type of housing across England and Wales. With an estimated 6.93 million, this accounts for just over a quarter (26.3%) of all houses. 

This is followed closely by semi-detached housing (23.8%) and flats/maisonettes (23.15%). In all, this means almost three-quarters (73.25%) of all houses across England and Wales fall into one of these three categories. 

Conversely, Annexes are the least common type of housing, with an estimated 47,000 (0.18%) of the total.  

A breakdown of UK household statistics by est. number of houses by year of build

Based on the age of properties, the most common type of housing in England and Wales are those built before 1900. With almost 4.2 million (est.) in existence, this accounts for around 15% of total housing stock across the two nations. 

This is followed by those built between 1930-39 (10.12%) and 1955-64 (10.1%), which collectively account for a fifth (20.22%) of all housing.

Dwellings built between 1993-99 are the least common age bracket, attributing around one in 20 (5.16%) houses in England and Wales. However, there are almost a quarter of a million properties where the date of construction is unknown.  

Wanting to buy a new property as opposed to an older one? Check out our guide to new build mortgages and what to look out for when making those all-important decisions when buying your new home.

UK single-person household statistics 

As of 2023, just over half of those aged 65 and above were classed as single-person households (the highest percentage across all age groups). This is contrasted by just under a third (29.4%) aged 45-64 and less than a fifth (17.5%) aged 25-44. 

A breakdown of UK single-person household statistics (2013 vs 2023)

Within the previous decade, the percentage of people aged 65+ living alone has increased by 3.4%. Yet, comparative figures for those aged 45-64 and 25-44 have both dropped by 2.4% and 1.3%, respectively.   

Number of young people in the UK living with their parents  

Generally speaking, as age increases, the percentage of young people living at home in the UK tends to decrease. However, after the age of 16, males are more likely to be living at home than their female counterparts. 

For example, three-quarters (75%) of males aged 19 were living at home in 2023 compared to two-thirds (66%) of females. Once this percentage figure is reached for males (aged 21), the comparative figure for females drops to just over half (56%).

A breakdown of the percentage of young males and females who live with their parents (2023)

UK household statistics from the ONS point to some interesting trends in older ages:

• By the age of 25, less than a third (29%) of females are still living at home compared to less than half (47%) of males. 

• By the time young people reach their 30th birthday, we can expect around three times more males living at home compared to females (16% vs 5%, respectively).  

At 34 years of age, just 2% of females will still be living with their parents. Yet, more than one in 10 (11%) males are expected to be in this position.

UK homeownership rate by year

As of 2023, the UK homeownership rate stood at 64.5%, meaning that around two in three UK adults own a property. This figure has slowly decreased year-on-year since 2018, when the respective figure stood at 65.2% – the highest recorded rate within the previous decade.

A breakdown of the UK homeownership rate (2013-23)

The UK homeownership rate fluctuated between 63-65% from 2013-23. The lowest percentage of homeowners in the UK during this time was reported in 2015 when 63.4% of people owned a home. 

Homeownership rate by country 

Singapore leads the way in terms of homeownership rates by country, where almost nine in 10 (89.7%) residents own at least one property.

This is followed by Norway where roughly eight in 10 people (79.2%) are homeowners. 

The Mediterranean is also home to high rates of homeownership among its residents, with around three-quarters of people in Portugal (76%), Spain (75.3%), and Italy (75%) on the property ladder.  

A breakdown of the homeownership rate by country (2023)

Incidentally, the UK’s homeownership rate of 64.5% puts them in joint thirteenth position with the USA, but marginally ahead of France, where just over three in five adults (63%) own a property. 

At the other end of the scale, around two in five (42.8%) adults in Switzerland are homeowners, followed by less than half of Germans (48%).

UK homeownership statistics by category

UK homeownership statistics by type of property

According to UK homeownership statistics from the ONS, around a third (32%) of people in England and Wales own a semi-detached house or bungalow making it the most popular type of housing among property owners. 

More than a quarter (28.5%) of homeowners in Wales have a detached property compared to just under a quarter (23%) of those in England.

A breakdown of homeownership statistics in the UK by different property types

Flats and maisonettes tend to be more popular in England, accounting for more than a fifth (22%) of UK homeownership stats. The respective figure for Wales stands at almost half (12.5%) by comparison.

UK homeownership statistics by household size

UK homeownership rates are highest among households with two people with more than two-thirds (69%) of two-person households in England homeowners as of 2023. Of these, more than three-fifths (63.8%) owned their houses outright with the remainder having a mortgage, loan, or shared ownership in place. 

In all, this means more than two-fifths (44%) of English households with two people own their property outright compared to a quarter (25%) who have a mortgage, loan, or shared ownership.

A breakdown of homeownership statistics in England and Wales by number of people in each household

In Wales, almost three-quarters (73.13%) of two-person households are homeowners. More than two-thirds (67.8%) are outright owners with the rest having a mortgage, loan, or shared ownership package. 

In all, virtually half (49.55%) of two-person households own their property outright, with comparative figures standing at less than a quarter (23.58%) for those with a mortgage, loan, or shared ownership deal.

Once household size exceeds two, the percentage that owns property via a mortgage, loan, or shared ownership tends to overtake those who own their home outright. This rises to more than half of four-person households in England (53.6%) and Wales (54.46%). 

Collectively, households with six or more people are the least common for rates of homeownership, at less than half for both England and Wales (46.53% and 48.28%, respectively).   

UK homeownership statistics by family composition

According to UK homeownership statistics from the ONS, single-family households aged 66 years and over are the most likely type of family composition to own a property (89.19% and 89.53% in England and Wales, respectively). In both instances, the overwhelming majority own their property outright. 

A breakdown of homeownership statistics in the UK by type of household

Rates of homeownership with a mortgage, loan, or shared ownership are highest for single-family households consisting of couples at just less than half for both England (47.41%) and Wales (46.57%). 

Conversely, the household composition least likely to own their property is single-family, lone-parent households. More than a third (36.72%) of English households from this category are homeowners compared to almost two-fifths (39.6%) from Wales. 

UK homeownership statistics by age

When broken down by age group, UK homeownership statistics tend to be highest for those aged 65 or over, with around two-thirds (66.2%) owning a property as of 2023. The vast majority of these (92.6%) were outright homeowners as opposed to having a mortgage. This means more than three-fifths (61.3%) of all UK adults aged 65 and above own property outright.

A breakdown of homeownership statistics in the UK between age groups

Perhaps unsurprisingly, those aged 16-24 have the smallest rates of homeownership in the UK. As of 2023, just 1.1% of this age group owned a property. 

As age increases, so does the percentage of homeownership. Around two-fifths (39.9%) of those aged 45-54 own at least one property. More than three-quarters (76.9%) of this age group have a mortgage, equating to less than a third (30.7%) of the UK adult population aged 45-54. This represents the highest percentage across all age brackets for mortgage ownership. 

UK homeownership statistics by ethnic group

UK homeownership statistics from the ONS indicate a significant difference in rates of homeownership across ethnic groups. 

Those who consider themselves to have a white ethnicity tend to have higher rates of homeownership, with figures standing at around two-thirds for England (65.61%) and Wales (67.61%). Of these, almost three-fifths (58.2%) in Wales own property outright compared to slightly less (54.8%) in England.  

Asian communities in England and Wales have the next highest rate of homeownership among ethnic groups, at 58.71% and 56.98%, respectively.

A breakdown of homeownership statistics in the UK by ethnicity

Homeownership trends from the ONS also show that: 

• Those who identify as Black tend to have the lowest percentage of homeownership across the two nations, at more than a quarter (27.69%) for England and just over a fifth (20.54%) for Wales. 

• The highest rates of outright homeownership can be seen in the Welsh White community, where almost two-fifths (39.33%) of people own a property without a mortgage. The contrasted figure for those in the Welsh Black community is around five times less at 7.65%. 

The highest rates of mortgage ownership tend to be among households containing three or more ethnic groups, where less than half of households own property via a mortgage (47.45% for England and 46.31% for Wales). 

UK homeownership statistics by religion

UK homeownership statistics reveal that more than three-quarters (76.18%) of the British Sikh community are homeowners – the highest rate of homeownership across all religions. Around three-fifths (59.3%) of these own property with a mortgage, loan, or shared ownership, equating to less than half (45.2%) of all Sikhs living in the UK. 

A breakdown of homeownership statistics in the UK by religion

By contrast, those who identify as Muslim have the lowest rates of homeownership across the UK. In all, more than two-fifths (41.47%) own at least one property – around three-fifths of which (63%) have a mortgage, loan, or shared ownership scheme in place. 

This means that just 15% of the UK Muslim population own their property outright – the lowest percentage across all religious groups. Conversely, more than two-fifths (44.35%) of Christians own property without a mortgage – the highest rate among all religions. 

UK homeownership statistics by employment status

The highest rates of homeownership tend to be among households with a mixed employment status of employed and economically inactive. Around two-thirds (66.62%) of households in England and just under three-quarters (72.62%) of Welsh households in this category own at least one property. 

Conversely, the lowest rates of homeownership tend to be households with a mixture of unemployed and economically inactive. Less than two-fifths of households from this category own property as of 2023 (36.31% for England and 38.6% for Wales).

A breakdown of homeownership statistics in the UK by employment status

When broken down into how these households own their property, outright ownership is highest among Welsh households where all inhabitants are economically active (58.87%), and lowest for English households with unemployed residents (11.5%).

Mortgage ownership statistics reveal the highest rates for households containing those in employment, with just under half of households in England (47.3%) and Wales (48.82%) falling into this statistic. 

On the other hand, those living in households of entirely economically inactive people are the most unlikely to own property via a mortgage. In all, this applies to around one in 20 households from England (5.28%) and Wales (5.07%). 

UK homeownership statistics by type of employment 

In terms of job type, those working as managers, directors, and senior officials tend to have the highest rates of homeownership in the UK. More than three-quarters (77.81%) fall into this category compared to less than half (45.98%) from caring, leisure, and other service occupations which form the smallest percentage of UK homeowners. 

A breakdown of homeownership statistics in the UK by job type

Those working in administrative and secretarial occupations tend to have the highest level of outright ownership when it comes to property (45.73%), whereas those in the care, leisure, and service industry occupy just over a quarter (26.38%) of all property owned outright in the UK. 

In terms of mortgage ownership, more than two-fifths (44.77%) own property with a mortgage, loan, or shared ownership scheme – the highest of all occupations. By contrast, those in elementary occupations have the smallest percentage at 14.77%.

Working for yourself and wanting to buy your own home? Look no further than the range of self-employed mortgages available to help you secure your ideal home and find the property that’s perfect for you.

UK homeownership statistics by region

Across England, more than three-fifths (62%) of people own their home. This figure rises to more than two-thirds (66.4%) for Wales. 

When broken down by region, rates of homeownership are highest in the South East (67.1%) followed by the South West, where more than two-thirds of people own property. This is contrasted by London, where less than half (46.8%) of the population are property owners. 

A breakdown of regional homeownership statistics in the UK

London also happens to be the location for the UK’s highest rates of social renting, where almost one in four (23.1%) people rent property from the local council. Incidentally, private rental statistics indicate just under one in three (30.1%) London residents are in the position of having to rent privately or live rent-free. 

These figures are contrasted by rates of 13.3% for social renting in the South West and 17.3% for private renting or rent-free living in the North East. 

Stuck in rented accommodation and want to buy a property? Check out our guide on why buying a home is better than renting and how to weigh up the pros and cons of both.

UK homeownership statistics by local authority 

According to homeownership statistics from the ONS, North Norfolk is the UK local authority with the highest rates of homeownership across the country, where just under half (48.6%) of residents own their property outright. This is marginally ahead of Rother in East Sussex (48.4%) and Staffordshire Moorlands (48.2%).  

A breakdown of the local authorities with the highest and lowest percentage of outright homeownership in England and Wales

Conversely, those with the lowest rates of outright homeownership are all located within London. Less than one in 10 people living in Tower Hamlet (7.8%) and Hackney (9.7%) own property outright as of 2023, indicative of high property prices within the capital. 

The latest UK house price statistics suggest the average property price in London now stands at more than half a million (£502,690) - around £340,000 more than a typical property in the North East. 

A breakdown of the local authorities with the highest and lowest percentage of homeownership with a mortgage, loan, or shared ownership in England and Wales

More than two-fifths of people living in Wokingham (42%) own property with a mortgage, loan, or shared ownership scheme – the highest rate across England and Wales as of 2023. This is followed by Dartford in Kent (41%) and Hart in Hampshire (40.2%). 

This is contrasted by just 11.9% of people on the Isles of Scilly who can boast homeownership via a mortgage, loan, or shared ownership deal – the lowest percentage in the country. 

Nine out of the ten lowest areas for homeownership via these means are located in London with around one in 12 people from Westminster (12.1%) and Kensington and Chelsea (12.8%) in a position to own property via a mortgage, loan, or shared ownership. 

UK homeowner mortgage statistics 

How many mortgages are in the UK?

As of May 2024, the number of net mortgage approvals in the UK stood at 59,990. This represents a fall of 1.36% from the previous month.

A breakdown of the number of mortgages in the UK (2023-24)

Mortgage statistics indicate that, within the previous year, net mortgage approvals have fluctuated, reaching a peak of 61,080 in April 2024 and a low of 44,390 in September 2023. 

A breakdown of residential mortgage lending statistics in the UK (2022-24)

As of Q1 2024, residential mortgage lending statistics from the BoE indicate that gross advances reached a value of £51.6 billion – a drop of almost 2.5% from the previous quarter. The figure for Q1 2024 represents a fall of almost half (46%) from the peak of £95.9 billion in Q3 2022. 

New mortgage commitments reached £60.1 billion during the first three months of 2024 – a rise of £14.1 billion from Q4 2023. Yet, this indicated a fall of almost a third (31.5%) from the high of £87.8 billion in Q3 2022. 

The value of outstanding mortgage amounts in the UK remained fairly consistent between Q2 2022 and Q1 2024, at which point it reached a total of almost £1.66 trillion.   

What percentage of homeowners have a mortgage in the UK?

According to a study from Confused.com, more than a third (34.8%) of UK homeowners in 2021-22 owned their property outright – a figure that has risen around 2.8% from 2010-11 and 6.8% from the turn of the century.

A breakdown of how many people have mortgages in the UK

They also found that: 

• Less than one in three (29.5%) of homeowners were paying off their mortgage in 2021-22 – a drop of 13.6% from 1995 figures and 4.5% from 2010-11. 

• Owner-occupiers as a percentage of all households stood at just under two-thirds (64.3%) as of 2021-22 – a decrease of 6.4% from the peak of 2005.

Average age to be mortgage-free in the UK

A 2023 survey of 4,000 adults by LV Insurance found that:

• Almost a third (32%) of UK mortgage holders don’t think they will pay it off by the time they are 65 

• The average age of a UK first-time buyer stands at 32 raising the possibility of a large number of homeowners not becoming mortgage-free by the time they reach 70 

• One in 10 retirees still had a mortgage to pay by the time they retired 

• The average mortgage debt at retirement was £38,000

• Around three-fifths (63%) of those with outstanding mortgage debt were using their pension to cover the cost 

LV also found that around 300,000 mortgage holders fell behind on their payments between April and June 2023. According to remortgage statistics, around 1.6 million UK homeowners will be coming to the end of their fixed-rate mortgage period in 2024. This means many could face even higher mortgage payments when they come to remortgage at the end of their current deal or face switching to a variable rate deal.  

Homeownership statistics from the BoE reveal a surge in mortgage terms that take people beyond state pension age, a trend seen particularly in new home loans to those under 30. 

For example, less than one in three (31%) new mortgages issued in Q4 2021 had an end date beyond the state pension age. By Q4 2023, this figure had risen to more than two-fifths (42%) of all mortgages, suggesting a rise in the popularity of longer-term loans. In real terms, this equated to around 300,000 mortgages for the quarter. 

Buying your first property? Check out our ultimate guide on how much money you need to buy a house for all the information on saving for a deposit, mortgage affordability, and how to select a home that is right for your budget.

A breakdown of the average age to be mortgage-free in the UK by region

When broken down regionally, those living in Wales could expect to pay their mortgage off quicker on average compared to other regions of the UK. 

An analysis of internal mortgage application data from Mojo Mortgages between April 2022 and April 2024 reveals that the average age of a first-time buyer in Wales is 31. With an average mortgage term of 28 years, it’s predicted that a typical homeowner in Wales will become mortgage-free by the age of 59. 

In contrast, first-time buyer statistics suggest the average age of a first-time buyer in London is 36 years and 8 months. With an average mortgage term of 30 years, this means those living in London can expect to pay off their mortgage by the age of 66 years and 8 months. 

Before taking out a mortgage, it’s important to know what you can afford. Check out our mortgage affordability calculator to get a rough estimate of how much you could borrow to buy your own home.