Buyers own the equivalent of a kitchen and bathroom when they first move into a mortgaged property, research claims.
Comparison website MoneySuperMarket has taken its user data on mortgages as well as LABC Warranty estimates on the average UK house and room size to assess how much of a property each buyer typically owns on the day they move in.
It found that buyers are paying £3,248.16 on average per square metre – based on an average UK house size of 67.82 square meteres – and putting down a mortgage deposit of 75,395 or 33%.
Based on typical room sizes, the analysis claims this means the initial amount a buyer pays only covers the £40,965 cost of a kitchen and £18,029 for a bathroom.
Alternatively, they could also afford the equivalent of the master bedroom and half of the living room.
There are regional differences, with London buyers typically putting down a deposit of 37% or £128,662 and owning the equivalent of two master bedrooms.
In contrast, buyers in Leeds typically pay a deposit of 29% or £56,831, which is the equivalent of a master bedroom and bathroom.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “It’s increasingly difficult to get on the property ladder, yet we don’t tend to think about what that means in terms of how much of your home you actually own after you’ve spent the time saving for a deposit and going through the buying process.
“While this obviously doesn’t mean that new home owners are restricted to half a kitchen until they’ve paid off enough of their mortgage, it does raise some interesting questions about the increasing cost of properties and how much you end up paying for a property of the same size, depending on which part of the country you’re living in.”
| 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 |
Source: MoneySuperMarket
And the point of this exercise? Sort of gibberish one sees on Facebook.
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