Here is an overview of The Money Charity’s latest statistics for September 2016:
Personal Debt in the UK
- People in the UK owed £1.496 trillion at the end of July 2016. This is up from £1.444 trillion at the end of July 2015 – an extra £1,028.50 per UK adult.
- Per adult in the UK that’s an average debt of £29,631 in July – around 113.2% of average earnings. This is slightly up from a revised £29,568 a month earlier.
- Outstanding consumer credit lending was £186.6 billion at the end of July 2016.
- Total credit card debt in July 2016 was £65.5bn. Per household this is £2,426 – for a credit card bearing the average interest, it would take 25 years and 6 months to repay if you made only the minimum repayment each month.
- Total net lending to individuals by UK banks and building societies rose by £3.8 billion in July 2016 – or £123m a day.
Spending and Loans
- During June 2016 an average of 471 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
- In Q1 2016, households in the UK spent £91.70m a day on water, electricity and gas – or £3.40 per household per day.
- According to the AA, it costs 51.60 pence per mile to run a car. This is based on buying a new petrol car for between £13,000 and £18,000, replacing it after 4 years, and averaging 10,000 miles per year.
- Households now spend 38% of their annual income on raising a child.
Mortgages, rent and housing
- Outstanding mortgage lending stood at £1.31 trillion at the end of July. This is up from £1.268 trillion a year earlier.
- The average mortgage Interest rate was 2.88% at the end of July. Based on this, households with mortgages would pay an average of £3,406 in mortgage interest over the year.
- There were 40,003 loans approved for house purchase in July, according to the British Bankers Association (BBA), almost unchanged from a year earlier. The average loan approved for house purchase rose to £177,400.
- Nationwide estimate that house prices rose by 0.6% during August 2016, and were up 5.6% on 12 months ago.
A full report of the statistics can be found here.