Here is an overview of The Money Charity’s latest statistics for May 2018:
Personal debt in the UK
- People in the UK owed £1.584 trillion at the end of April 2018. This is up from £1.53 trillion at the end of April 2017– an extra £1,026.74 per UK adult.
- Per adult in the UK that’s an average debt of £30,601 in April – around 114.4% of average earnings. This is slightly up from a revised £30,529 a month earlier.
- Outstanding consumer credit lending was £209.2 billion at the end of March 2018.
- Citizens Advice Bureaux across England and Wales dealt with 532 682 issues in March 2017.
- Debt was the second largest advice category (behind benefits and tax credits) with 131,567 issues. This is down 13% on the same month last year. Debt issues represented 25.6% of all problems dealt with over the period.
Spending and Loans
- Data from LINK shows that, on average, 90 cash machine transactions (including balance enquiries and rejected transactions) were made every second in April 2018.
- In total, cash machine transactions were worth an average of £3,793 in April 2018.
- The average APR for a £5,000 personal loan is 7.98%, according to the Bank of England. For a £10,000 loan it’s 3.8%, while the average rate for an overdraft is 19.72%.
- 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 2.51% at the end of April. This stood at 2.06% for new loans. Based on this, households with mortgages would pay an average of £3,109 in mortgage interest over the year. New loans would attract an average of £2,874 in interest.
- Halifax estimate that house prices fell by 3.1% compared to last months estimate, and down by 0.1% over the quarter but up 2.2% annually. Nationwide estimate house prices grew by 0.2% in April, up 2.2% on 12 months ago.
- According to UK Finance, the typical first-time buyer deposit in November was 17.5% (around £33,177) – 124% of an average salary.