Money Statistics: July 2023

27th July 2023

Here is an overview of The Money Charity’s latest statistics for July 2023

Personal debt in the UK

  • People in the UK owed £1,840.1 billion at the end of May 2023.
  • The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings.
  • Net mortgage lending increased by £268 million in the month, while net consumer credit lending increased by £432 million.
  • Citizens Advice Bureaux across England and Wales answered 451,515 enquiries in June 2023, 20.4% up from June 2022.

Spending and Loans

  • On average, 50.2 cash machine transactions (including balance enquiries and rejected transactions) were made every second in June 2023, a decrease of 3.7% on June 2022.
  • The number of ATMs (in-branch and remote) fell from 53,398 at the end of 2021 to 50,300 at the end of 2022 (a fall of 5.8%).
  • In Q1 2023, households in the UK spent £115.98 million a day on water, electricity and gas, or £4.13 per household per day.
  • UK Finance figures show that 49.6 % of credit card balances were bearing interest in April 2023.

Mortgages, Rent and Housing

  • Outstanding mortgage lending stood at £1,626.2 billion at the end of May 2023.
  • The average mortgage interest rate was 2.83% at the end of May 2023. Based on this, households with mortgages would pay an average of £4,230 in mortgage interest over the year.
  • HM Land Registry reports that the average house price for first-time buyers in Great Britain was £238,092 in May 2023, an annual increase of 1.9% and a monthly change of 0.2%.
  • According to the Office for National Statistics, private rental prices in the UK rose by 5.1% in the 12 months to June 2023.

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 FCA Financial Lives Survey, in February 2020, 5.4 million people relied on cash to a great or very great extent, with 2.5 million using cash for all their payments.
  • According to Ofcom, 1.5 million households did not have access to the Internet in March 2021. This included 18% of one adult households aged 65+.
  • Research by The Social Market Foundation found that low-income households pay a ‘poverty premium’ in buying their goods and services of £490 per year.

The full report can be found here.