We use cookies to give you the best possible experience on our website. If you continue without changing your settings, we'll assume that you're happy to receive all the cookies on our website. However, you can change your cookie settings at any time.

Your Privacy

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience.

Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.

Strictly Necessary Cookies


These cookies are strictly necessary for the Website to work properly and for us to keep it secure. They are needed to allow users to use the Website and its features, including to move between pages of the website.

These cookies are required

Performance and analytical cookies

These cookies allow us to collect certain information about how a user navigates the Website. These cookies collect information that is used either in aggregate form to help us understand how our site is being used or how effective are marketing campaigns are, or to help us personalise our site for you. We use Google analytics and Bing 1st party cookies, DoubleClick 3rd party cookies and Hotjar cookies for reporting purposes.

Cookie Name Purpose More Information
Bing Ads mui(x), _uet(x) Remarketing script and conversion tracking
DoubleClick Cookies _ide, _nid, _sid,
_dsid, _flc,
_aid, _taid
These are 3rd party cookies served by DoubleClick. They serve adverts to visitors based on the websites they've been to previously. Click here for more information about DoubleClick and how to disable this cookie.
Google Analytics _utm(x), _ga(x),
_gid, amp_token
These cookies are used to collect information about how visitors use our website. They keep track of when a visitor enters and leaves the website and any search engines and keywords that are used, including any personal and/or sensitive data. Click here for more information about Google Analytics cookies.
Hotjar _hj(x) These cookies are used to record anonymous videos about how visitors use our website. They keep track of how visitors engage with pages on our website. Click here for more information about Hotjar and how to disable this cookie.

Marketing cookies

These cookies are used to make advertising messages more relevant to you. We may use this data to tailor the marketing and ads you see on our own and other websites and mobile apps, including social media.

House prices booming in UK self-employed hotspots

15 March 2018

House prices are booming in UK self-employed hotspots but local entrepreneurs may struggle to benefit due to difficulties obtaining a mortgage.

Property values have surged in seven of the top 10 local authorities with the highest concentration of self-employed people, our research reveals.

It raises the concern that many self-employed residents in these areas may struggle to capitalise on this local property boom because they can’t get a mortgage from their bank.

According to new analysis of ONS and Land Registry data, the country’s biggest self-employed hotspot - with nearly a quarter of its workforce running their own businesses (23.8% or 13,500 people) - is Three Rivers district in Hertfordshire, where house prices have seen a substantial hike of 9.6% over the past two years compared to an average rise of 7% across the rest of the UK.

The local authority with the second highest concentration of self-employed was Chiltern district council in Buckinghamshire, where 22.3% work for themselves. Property values in this area witnessed a staggering increase of 15.6% over the past two years; more than twice the national average.

The research raises the concern that many self-employed workers in these regions may be locked out of this property boom because they fail to meet the strict lending criteria of the high street banks.

Richard Tugwell, our group intermediary director, said mortgage brokers can help by making borrowers in these areas aware of their options.

He said: “While buying at a time of steeply-rising house prices could offer self-employed workers more financial security, many would-be borrowers in these areas are missing out on this significant opportunity because they can’t get a mortgage from their banks.

“Mainstream lenders often rely on computerised systems to check a borrower’s credit history and affordability, meaning those who don’t “tick the right box” can easily fall through the cracks. Unfortunately, the self-employed - who might have irregular income or a shorter trading history - are often victims here, being deemed as ‘too high risk’ for many high street banks to lend to.”

In the UK, there are currently around 4.8 million self-employed workers – 15% of the total UK work force. However, according to the latest FCA data, only 58,329 mortgages were taken out by self-employed workers in the first half of 2017 – just 10% of the total number of home loans taken out in the period – suggesting that entrepreneurs are finding it disproportionately difficult to take out mortgage finance compared to the rest of the population.

He also added: “The small number of successful mortgage applicants who are self-employed is indicative of the mainstream banks’ general reluctance to lend to this group. Thankfully, specialist lenders like Together do things differently, looking at each mortgage application on a case-by-case basis while using our common sense approach to lending decisions, even in the most complex of situations.

“Unlike the mainstream banks, we consider a far wider number of factors from self-employed applicants, and brokers have a role to play in making their customers aware of their options, allowing even those who have recently come out of full time employment to access the mortgage or loan they need.”

Top ten self-employed hotspots

Local authority Number of self-employed Percentage of self-employed Average house price (2017) Average house price rise since 2015
1) Three Rivers, Herts 13,500 23.8% £554,695 9.6%
2) Chiltern, Bucks 14,800 22.3% £652,008 15.6%
3) North Devon 16,200 22% £255,375 5.3%
4) Richmondshire 7,000 21.4% £225,781 2.61%
5) Powys, Mid Wales 17,900 20.6% £197,418 8.2%
6) Ashford, Kent 16,100 19.8% £308,613 11.9%
7) Kensington and Chelsea, London 23,200 19.1% £2,013,900 5.3%
8) Wealden, East Sussex 19,900 19% £371,176 12.8%
9) South Bucks 7,900 18.8% £720,451 8.1%
10) South Northants 11,400 18.8% £331,151 7.1%