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Burden of UK property debt revealed

Burden of UK property debt revealed

The share of households in Great Britain who thought making their mortgage payments was "a heavy burden" fell during the recession, from 15.2% in 2006/08 to 13.6% in 2008/10, according to new figures released by ONS.

In 2008/10, the share of households who felt making payments was "a heavy burden" fell in all regions except Wales (up from 12.1% to 13.5%) and the North East (up from 10.6% to 15.6%). More households in the South West with property liabilities reported these “a heavy burden” than any other region (16.5%). Scotland contained the fewest households considering their property debt to be 'a heavy burden' (8.2%).

For those households with property debt on their main residence, the median size of a mortgage rose in cash terms between 2006/08 and 2008/10, from £70,000 to £75,000. In 2008/10, median property debt was highest in London (£128,000) and lowest in Scotland (£55,000).

In the least wealthy fifth of households only 8.0% owned their main residence, with 7.8% having a mortgage. However, in the most wealthy fifth of households, 96.8% of households owned their main residence, with 40.4% having a mortgage. Wales had the highest share of households owning their main residence outright (37.0%), with London (22.6%) having the lowest.

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George Bailey