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Brits only own a kitchen and bathroom when beginning a mortgage

Brits only own the equivalent of an average-sized kitchen and bathroom at the point of officially entering into a mortgage, according to research by MoneySuperMarket.

The price comparison website looked into how much of the average home gets ‘bought’ over the course of the mortgage, with only 33% of a house officially owned by the buyer when they complete on the purchase of the property.

With each square metre of a UK property costing an average of £3,248.16, the study reveals that the master bedroom costs £43,400 – roughly £3,000 more than the kitchen – with the living room the most valuable space, at £55,500.


Those buying in Leeds will typically own 41% of the property after five years (master bedroom, kitchen and half of living room), compared to a hefty 61% in Edinburgh (master bedroom, kitchen and the entire living room).

In London, however, buyers will own just 47% of their property after five years – amounting to a master bedroom, a second bedroom and a bathroom.

The data also highlights the north verses south divide when it comes to the cost of property. For instance, after paying off a mortgage for five years in Plymouth, home owners would have paid off 44% of the property (the equivalent of £95,429,25).

In Newcastle, though, paying off the same proportion of the property over five years would cost over £10,000 less, coming in at £82,579 on average.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “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.”

Wait said that while this doesn’t mean that new homeowners are restricted to half a kitchen until their mortgage is paid off, it does raise some 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.

“As always, it’s worth shopping around when taking out a mortgage to ensure you’re getting the best deal possible, and making sure payments are made on time so you don’t face costly late payment fees,” she advised.

You can view the full report by clicking here.


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