Here is an overview of The Money Charity’s latest statistics for July 2018:
Personal debt in the UK
- People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult.
- Per adult in the UK that’s an average debt of £30,670 in May – around 113.8% of average earnings. This is slightly down from a revised £30,596 a month earlier.
- Outstanding consumer credit lending was £212.9 billion at the end of May 2018.
- Citizens Advice Bureaux across England and Wales dealt with 522,546 issues in May 2018.
- Debt was the second largest advice category (behind benefits and tax credits) with 130,436 issues. This is up 12% on the same month last year. Debt issues represented 25.4% of all problems dealt with over the period.
Spending and Loans
- Data from LINK shows that, on average, 96 cash machine transactions (including balance enquiries and rejected transactions) were made every second in May 2018.
- In total, cash machine transactions were worth an average of £43 in May 2018.
- The average APR for a £5,000 personal loan is 8.16%, according to the Bank of England. For a £10,000 loan it’s 3.85%, while the average rate for an overdraft is 18.24%.
- It cost an average of £23.61 a day for a couple family to raise a child to the age of 18.
- It cost an average of £28.48 a day for a lone parent family.
Mortgages rent and housing
- The average mortgage interest rate was 2.48% at the end of May. This stood at 2.11% for new loans. Based on this, households with mortgages would pay an average of £3,075 in mortgage interest over the year. New loans would attract an average of £2,963 in interest.
- Halifax estimate that house prices rose by 1.8% compared to last months estimate, falling by 0.7% over the quarter and growing 0.3% annually. Nationwide estimate house prices increased by 0.5% in May, up 2.0% on 12 months ago.
- According to UK Finance, the typical first-time buyer deposit in April was 15.1% (around £25,247) – 94% of an average salary.