Here is an overview of The Money Charity’s latest statistics for August 2018:
Personal debt in the UK
- People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult.
- Per adult in the UK that’s an average debt of £30,759 in June – around 114.1% of average earnings. This is slightly down from a revised £30,669 a month earlier.
- Outstanding consumer credit lending was £213.0 billion at the end of June 2018.
- Citizens Advice Bureaux across England and Wales dealt with 335,457 issues in June 2018.
- Debt was the second largest advice category (behind benefits and tax credits) with 73,328 issues. This is down 2% on the same month last year. Debt issues represented 21.7% 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 July 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 7.79%, according to the Bank of England. For a £10,000 loan it’s 3.76%, while the average rate for an overdraft is 19.68%.
- 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 June. This stood at 2.11% for new loans. Based on this, households with mortgages would pay an average of £3,081 in mortgage interest over the year. New loans would attract an average of £2,995 in interest.
- Halifax estimate that house prices rose by 1.4% compared to last months estimate, growing by 1.3% over the quarter and growing 3.3%annually. Nationwide estimate house prices increased by 0.6% in June, up 2.5% on 12 months ago.
- According to UK Finance, the typical first-time buyer deposit in June was 15.0% (around £28,611) – 106% of an average salary.