Money Statistics: August 2021

24th August 2021

Here is an overview of The Money Charity’s latest statistics for August 2021

Personal debt in the UK

  • People in the UK owed £1,742.7 billion at the end of June 2021.
  • The average total debt per household, including mortgages, was £62,705 and per adult was £32,950, around 109.7% of average earnings.
  • Net mortgage lending rose by £17.86 billion in the month, while net consumer credit lending fell by £0.53 billion.
  • Citizens Advice Bureaux across England and Wales answered 360,142 enquiries in July 2021, 2.2% up from July 2020

Spending and Loans

  • On average, 51.3 cash machine transactions (including balance enquiries and rejected transactions) were made every second in July 2021, an increase of 0.6% on July 2020.
  • The number of ATMs (in-branch and remote) fell from 60,662 at the end of 2019 to 54,574 at the end of 2020 (a fall of 10.0%.)
  • In Q1 2021, households in the UK spent £120.4 million a day on water, electricity and gas, or £4.33 per household per day.
  • UK Finance figures show that 54.1% of credit card balances were bearing interest in April 2021

Mortgages, Rent and Housing

  • Outstanding mortgage lending stood at £1,545.3 billion at the end of June 2021.
  • The average mortgage interest rate was 2.08% at the end of June 2021. Based on this, households with mortgages would pay an average of £2,914 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £222,712 in June 2021, an annual increase of 12.7% and a monthly increase of 4.6%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 1.2% in the 12 months to July

Financial Inclusion

  • According to the FCA, in the UK in 2020 there were 1.2 million adults who did not have a bank account. This was 2.3% of the UK adult population.
  • According to the 2019 Access to Cash Review, 2.2 million people use only cash in their daily transactions.
  • According to ONS, 1.11 million households did not have access to the Internet in Jan-Feb 2020. This included 20% of one adult households aged 65+.
  • Recent research by Turn2us and Fair By Design found that low-income households pay a ‘poverty premium’ in buying their goods and services of £478per year

The full report can be found here.