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Your home’s mortgage ownership calculation

MoneySuperMarket’s countrywide analysis of average house sizes and prices shows that many of us only own a bedroom and half the living room in the first year of our mortgage.

You’ve just “bought” a home, but how much of the property do you actually own over the course of a mortgage?

After saving for a deposit, navigating the financial processes and finding the property that you want to buy, you finally secure a mortgage and get the keys to your newly bought home.

But how much of it, at that moment, do you actually own? The whole house? One bedroom? The cupboard under the stairs?

We set out to analyse average UK house sizes with average property prices and mortgage terms across the country to see how ownership changes over time.

It turns out, the average Brit typically owns the equivalent of the kitchen and a bathroom in their new home at the point of purchase, based on typical room sizes. Or if you’d like somewhere to sleep, the equivalent of the master bedroom and half of the living room.

Here’s all you need to know about how it fluctuates across the country and over the years of home ownership.

Bought a house? Here’s how much your rooms cost

The typical home in the UK, a three-bed property1, is sized as follows, according to open data looking at over 10,000 properties of various ages:

Average UK house and room sizes

Combining this with MoneySuperMarket’s mortgage data looking at house prices across various metropolitan areas in the UK, we find the following costs per room:

Location

Master bedroom

Second bedroom

Third bedroom

Bathroom

Living room

Kitchen

London

£69,430.03

£56,499.53

£43,205.52

£28,820.99

£88,747.88

£65,483.37

Brighton

£67,981.65

£55,320.89

£42,304.21

£28,219.76

£86,896.51

£64,117.32

Edinburgh

£66,104.22

£53,793.11

£41,135.91

£27,440.42

£84,496.72

£62,346.61

Coventry

£47,204.49

£38,413.23

£29,374.82

£19,594.98

£60,338.42

£44,521.21

Birmingham

£44,760.87

£36,424.70

£27,854.18

£18,580.62

£57,214.90

£42,216.50

Leicester

£43,666.54

£35,534.18

£27,173.20

£18,126.35

£55,816.10

£41,184.38

UK AVERAGE

£43,434.12

£35,345.04

£27,028.56

£18,029.87

£55,519.00

£40,965.16

Plymouth

£42,697.88

£34,745.92

£26,570.41

£17,724.25

£54,577.92

£40,270.78

Manchester

£42,569.68

£34,641.60

£26,490.63

£17,671.04

£54,414.05

£40,149.87

Stockport

£40,717.67

£33,134.50

£25,338.15

£16,902.25

£52,046.74

£38,403.13

Cardiff

£39,999.61

£32,550.17

£24,891.31

£16,604.18

£51,128.90

£37,725.89

Leeds

£38,013.01

£30,933.55

£23,655.06

£15,779.52

£48,589.55

£35,852.21

Nottingham

£37,419.21

£30,450.33

£23,285.55

£15,533.03

£47,830.53

£35,292.16

Newcastle

£37,202.98

£30,274.38

£23,150.99

£15,443.27

£47,554.15

£35,088.23

Liverpool

£37,137.73

£30,221.28

£23,110.39

£15,416.19

£47,470.74

£35,026.68

Sheffield

£35,865.16

£29,185.71

£22,318.49

£14,887.93

£45,844.10

£33,826.46

Stoke-on-Trent

£34,122.42

£27,767.53

£21,233.99

£14,164.50

£43,616.46

£32,182.77

Glasgow

£34,099.07

£27,748.53

£21,219.47

£14,154.81

£43,586.62

£32,160.76

Bradford

£34,045.06

£27,704.58

£21,185.86

£14,132.39

£43,517.59

£32,109.82

Kingston upon Hull

£32,210.92

£26,212.03

£20,044.49

£13,371.03

£41,173.12

£30,379.93

The first time you settle down in your new living room to watch Netflix it may be empowering (or sobering) to know that it’s worth over £55,000 on average, or as much as £88,000 in the capital.

And while a second bedroom in the UK will typically cost over £35,300, Kingston upon Hull residents would own roughly three bathrooms for the same cost.

Difference in property ownership across the country

Focusing on a selection of areas across the country, our data scientists have compiled mortgage payoff schedules for various mortgage types and interest rate types in order to highlight how much of your home you actually own over the term.

By the end of the fifth year after buying your home, the difference in percentage of property owned across the UK is as wide as 20 percentage points

In Leeds, the average homeowner owns only 41% of their property by the end of year five, compared to a much higher 61% owned in Edinburgh. Though this can largely be attributed to higher average property prices, £192,823 and £335,317 respectively.

Would you rather a master bedroom and a living room or a kitchen and two bathrooms?

Considering all of our research into room sizes, room costs and percentage of a property owned, we can estimate exactly what you own within your home over time.

Sticking with the “end of year five” timing, the difference between Leeds and Edinburgh becomes all the more real. In Leeds, you will own the master bedroom, a bathroom and only half the living room. This is in contrast to the master bedroom, the living room and the kitchen all owned for a home in Edinburgh.

If we then follow the full mortgage term for a selection of locations, we clearly see how ownership unfolds over time.

Ownership 25 years into a mortgage: London

Ownership 25 years into a mortgage: Leeds

Ownership 25 years into a mortgage: Edinburgh

How we’ve worked it out

A note on the calculations and data we’ve gathered:

  • Average house prices for various locations across the UK according to house price valuations entered by visitors to the MoneySuperMarket mortgages page - remortgages data has been removed to prevent skewing the data
  • 1 Average UK house size in square metres is 67.82m2, according to LABC Warranty (March 2018)
  • Average house price per location divided by average UK house size (67.82) provides average cost per square metre
  • Average UK room sizes in square metres is also provided by LABC Warranty (March 2018)
  • Average cost per square metre multiplied by average UK room sizes provides average room costs for master bedroom, secondary bedroom, third bedroom, bathroom, living room and kitchen
  • Average deposit amount per location is calculated by subtracting the average borrowed amount from the average property valuation, all from anonymised MoneySuperMarket user data

To calculate how payments change over the duration of a mortgage, typical interest rates for each location have been assumed based on data comprising of discounted variable, fixed and variable interest rate types across three different mortgage types; buy-to-let, first time buyer and house purchase.

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