UK mortgage sales volume remains 34.5% lower than 2006 levels

New research from the Office for National Statistics (ONS) shows that mortgage sales in the United Kingdom in 2025 were 34.5% lower than levels recorded in 2006. While 2025 saw 717,519 mortgage sales—an increase from 617,295 in 2024 and the highest annual total since 2021—the volume remains significantly below historical peaks.

The composition of the market has shifted substantially over the last two decades. First-time buyers accounted for 52.8% of all mortgage sales in 2025, compared to approximately 33.8% in 2006.

Financial metrics also indicate higher levels of borrowing relative to income and asset value. The average UK loan-to-income (LTI) ratio rose to 3.5 for all mortgage sales and 3.6 for first-time buyers. Additionally, the median loan-to-value (LTV) ratio for first-time buyers reached 85.6%, the highest level since before the financial crisis. Regional data shows London had the lowest first-time buyer LTV ratio at 80.2%, while Scotland, Wales, and the North East of England recorded some of the highest.