February 2017: Money Statistics

22nd February 2017

Here is an overview of The Money Charity’s latest statistics for February 2017:

Personal debt in the UK

  • People in the UK owed £1.516 trillion at the end of December 2016. This is up from £1.466 trillion at the end of December 2015 – an extra £995.53 per UK adult.
  • According to the Office for Budget Responsibility’s November 2016 forecast, household debt is predicted to reach £2.294 trillion in Q1 2022. This makes the average household debt £84,964 (assuming that the number of households in the UK remained the same between now and then).
  • Total net lending to individuals by UK banks and building societies rose by £3.8 billion in December 2016 – or £123m a day.

Spending and Loans

  • During November 2016 an average of 481 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association
  • In Q3 2016, households in the UK spent £87.84m a day on water, electricity and gas – or £3.25 per household per day.
  • The average APR for a £5,000 personal loan is 9.51%, according to the Bank of England. For a £10,000 loan it’s 3.74%, while the average rate for an overdraft is 19.70%.

Mortgages, rent and housing

  • Outstanding mortgage lending stood at £1.323 trillion at the end of December. This is up from £1.287 trillion a year earlier.
  • According to the Council of Mortgage Lenders, gross mortgage lending in December totaled an estimated £20.4 billion.
  • Nationwide estimate that house prices rose by 0.2% during January 2017, and were up 4.3% on 12 months ago.
  • The average first-time buyer borrowed 3.49 times their income and the average first-time buyer loan was an estimated £136,000.

A full report of the statistics can be found here.