Here is an overview of The Money Charity’s latest statistics for January 2020

Personal debt in the UK

  • People in the UK owed £1,669 billion at the end of November 2019.
  • The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings.
  • Net mortgage lending rose by £3.757 billion in the month, while net consumer credit lending increased by £0.341 billion.
  • Citizens Advice Bureaus across England and Wales answered 289,272 enquiries in December 2019 with 56,563 of those related to debt.

Spending and Loans

  • On average, 76.3 cash machine transactions (including balance enquiries and rejected transactions) were made every second in December 2019, a fall of 9.8% on December 2018.
  • The number of ATMs (in-branch and remote) fell from 68,610 at the end of 2017 to 63,160 at the end of 2018 (a fall of 7.9%) and to 60,291 (a fall of 4.5%) in December 2019.
  • In Q3 2019, households in the UK spent £109 million a day on water, electricity and gas, or £3.92 per household per day.
  • UK Finance figures show that 52.8% of credit card balances were bearing interest in October 2019.

Mortgages and Rent

  • Outstanding mortgage lending stood at £1.444 trillion at the end of November 2019.
  • The average mortgage interest rate was 2.4% at the end of November. Based on this, households with mortgages would pay an average of £3,161 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £197,760 in November 2019, an annual increase of 2.1% and a monthly increase of 0.5%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 1.4% in the 12 months to December 2019.

Financial Inclusion

  • According to the FCA, in the UK in 2017 there were 1.3 million people who did not have a bank account. This was 3% of the UK adult population.
  • According to the 2019 Access to Cash Review, 2.2 million people use only cash in their daily transactions.
  • 1.94 million households did not have access to the Internet in 2019, according to ONS.
  • Low-income people pay a ‘poverty premium’ in buying their goods and services of £256-£490 per year, according to the Social Market Foundation.

The full report can be found here.