September 2016: Money Statistics

13th September 2016

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.