October 2016: Money Statistics

13th October 2016

Here is an overview of The Money Charity’s latest statistics for October 2016:

Personal debt in the UK

  • People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult.
  • The average total debt per household – including mortgages – was £55,504 in August. The revised figure for August was £55,350.
  • Total net lending to individuals by UK banks and building societies rose by £4.5 billion in August 2016 – or £145 million a day.
  • Net mortgage lending rose by £2.9 billion in the month; net consumer credit lending rose by £1.6 billion. In Q2 itself they wrote off £504 million (of which £285 million was credit card debt) amounting to a daily write-off of £5.54 million.

Spending and Loans

  • Data from LINK shows that, on average, 101 cash machine transactions (including balance enquiries and rejected transactions) were made every second in August 2016
  • In Q2 2016, households in the UK spent £92.93m a day on water, electricity and gas – or £3.44 per household per day.
  • The cost of education (including uniforms, after-school clubs and university costs) has increased 128% since 2003, while the cost of childcare has risen by 77.9%.
  • British Bankers Association figures show that 57.1% of credit card balances were bearing interest in August 2016.

Mortgages, rent and housing

  • Outstanding mortgage lending stood at £1.311 trillion at the end of August. This is up from £1.272 trillion a year earlier.
  • That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £118,341 in August.
  • For new loans, the average mortgage Interest rate was 2.31%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,410 in interest over the year.
  • 33% of households owned their home outright, while 30% were mortgagors. 19% rent privately, and 17% pay a social rent.

A full report of the statistics can be found here.