This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.guardian.co.uk/news/datablog/2013/may/13/mortgages-property-debt-uk-trends
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
| Version 0 | Version 1 |
|---|---|
| Mortgages: how many Britons have one, and how much do they owe? | Mortgages: how many Britons have one, and how much do they owe? |
| (4 months later) | |
| The UK's a nation obsessed by owning a home: whether saving up for a deposit, struggling to pay off the mortgage, or fearing selling up to pay for retirement, it's a national preoccupation. | The UK's a nation obsessed by owning a home: whether saving up for a deposit, struggling to pay off the mortgage, or fearing selling up to pay for retirement, it's a national preoccupation. |
| As part of its series 'Wealth in Great Britain', the Office for National Statistics released numbers on Monday measuring exactly how much Brits owe on their homes – and the results aren't necessarily what you'd think. | As part of its series 'Wealth in Great Britain', the Office for National Statistics released numbers on Monday measuring exactly how much Brits owe on their homes – and the results aren't necessarily what you'd think. |
| The research, which is published for only the second time, compared 2008/10 against the first time this information was collected in 2006/08. | The research, which is published for only the second time, compared 2008/10 against the first time this information was collected in 2006/08. |
| 1. Fewer than two in five UK households have property debt | 1. Fewer than two in five UK households have property debt |
| The UK might have a reputation as a nation of mortgage slaves – interest rates are often reported as if that's the case – but that's not the reality. The ONS figures reveal 9.2 million UK households had property debt in 2008/10 – that's 37.3% of the total. | The UK might have a reputation as a nation of mortgage slaves – interest rates are often reported as if that's the case – but that's not the reality. The ONS figures reveal 9.2 million UK households had property debt in 2008/10 – that's 37.3% of the total. |
| This figure was actually a slight decrease from the 9.4 million households who had property debt two years earlier. Those households might be making those repayments for a while yet, though: between them, they have a total of £847,911,798,000 to pay off on their properties (median debt £75,000). | This figure was actually a slight decrease from the 9.4 million households who had property debt two years earlier. Those households might be making those repayments for a while yet, though: between them, they have a total of £847,911,798,000 to pay off on their properties (median debt £75,000). |
| 2. Fewer people with a mortgage consider it 'a heavy burden' | 2. Fewer people with a mortgage consider it 'a heavy burden' |
| Possibly thanks to a long period of low interest rates, only 13.6% of respondents, compared to 15.2% in 2006/08, considered their mortgage a "heavy burden". | Possibly thanks to a long period of low interest rates, only 13.6% of respondents, compared to 15.2% in 2006/08, considered their mortgage a "heavy burden". |
| The proportion considering it 'somewhat of a burden' is also down 1% while 'not a problem at all' responses are up almost 3%. As you'll see though, that's one of the only surprises to come out of the research. | The proportion considering it 'somewhat of a burden' is also down 1% while 'not a problem at all' responses are up almost 3%. As you'll see though, that's one of the only surprises to come out of the research. |
| Unsurprisingly, the more you have to pay, the more likely you are to consider it a burden. While on average 13.6% of those with a property debt consider it a heavy burden, this rises to 1 in 5 of those who have over 80% of the value of their property left to pay. | Unsurprisingly, the more you have to pay, the more likely you are to consider it a burden. While on average 13.6% of those with a property debt consider it a heavy burden, this rises to 1 in 5 of those who have over 80% of the value of their property left to pay. |
| 3. You're least likely to own your home outright if you live in London... | 3. You're least likely to own your home outright if you live in London... |
| ... and most likely to own it if you live in Wales. 23% of London's households own their property outright compared to 37% in Wales. The picture changes slightly if you consider the typical amount left to pay - where those with property debt in London typically have a slightly smaller fraction of their property value to pay (36% compared to 40% in Yorkshire & Humber) but because of property prices, this means a median household property debt of £128,000 in London (compared to just £65,000 in Yorkshire & Humber) | ... and most likely to own it if you live in Wales. 23% of London's households own their property outright compared to 37% in Wales. The picture changes slightly if you consider the typical amount left to pay - where those with property debt in London typically have a slightly smaller fraction of their property value to pay (36% compared to 40% in Yorkshire & Humber) but because of property prices, this means a median household property debt of £128,000 in London (compared to just £65,000 in Yorkshire & Humber) |
| 4. Rich people don't rent | 4. Rich people don't rent |
| Again, not exactly shocking given that 92% of the poorest 20% of people rent their main residence, compared to a mere 3.2% of the wealthiest fifth of society: meaning the poorest people are almost 30 times more likely to rent their home than the wealthiest. | Again, not exactly shocking given that 92% of the poorest 20% of people rent their main residence, compared to a mere 3.2% of the wealthiest fifth of society: meaning the poorest people are almost 30 times more likely to rent their home than the wealthiest. |
| 5. The older you are the less you have to pay off | 5. The older you are the less you have to pay off |
| The 35-44 age group alone accounts for £266 bn of property debt in the country. Click the drop down menu in the graph below to explore percentages and total values. | The 35-44 age group alone accounts for £266 bn of property debt in the country. Click the drop down menu in the graph below to explore percentages and total values. |
| 6. Married or cohabiting with dependent children are the most likely households to have property debt | 6. Married or cohabiting with dependent children are the most likely households to have property debt |
| Property liabilities by household type | Property liabilities by household type |
| Click headings to sort | Click headings to sort |
| Median excludes properties without liabilities | Median excludes properties without liabilities |
| 68% of households in this category have property debt, compared to just 5% over state pension age, once again highlighting the correlation discussed above. | 68% of households in this category have property debt, compared to just 5% over state pension age, once again highlighting the correlation discussed above. |
| This group also shoulders the highest amount of property debt (the median is £95,000) compared to just £28,500 for the 6 million households over state pension age who have property debt. | This group also shoulders the highest amount of property debt (the median is £95,000) compared to just £28,500 for the 6 million households over state pension age who have property debt. |
| Though they owe approximately £55,000 and account for a small fraction of the UK households with property debt (680,000 out of 9.2 million), lone-parent households are the most likely to consider this debt a high burden. | Though they owe approximately £55,000 and account for a small fraction of the UK households with property debt (680,000 out of 9.2 million), lone-parent households are the most likely to consider this debt a high burden. |
| The ONS cite inflation, annual pay growth and Bank of England base rates as key factors affecting UK property debt. Do you believe these have had a big impact on the numbers above? If so, how? Share your thoughts by posting a comment below. | The ONS cite inflation, annual pay growth and Bank of England base rates as key factors affecting UK property debt. Do you believe these have had a big impact on the numbers above? If so, how? Share your thoughts by posting a comment below. |
| Download the data | Download the data |
| • DATA: download the full spreadsheet | • DATA: download the full spreadsheet |
| Can you do something with this data? | Can you do something with this data? |
| • Flickr Please post your visualisations and mash-ups on our Flickr group • Contact us at data@guardian.co.uk | • Flickr Please post your visualisations and mash-ups on our Flickr group • Contact us at data@guardian.co.uk |
| • Get the A-Z of data • More at the Datastore directory • Follow us on Twitter • Like us on Facebook | • Get the A-Z of data • More at the Datastore directory • Follow us on Twitter • Like us on Facebook |
| Our editors' picks for the day's top news and commentary delivered to your inbox each morning. |
Previous version
1
Next version