Money Statistics: June 2023

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

Personal debt in the UK

• People in the UK owed £1,839.3 billion at the end of April 2023.
• The average total debt per household, including mortgages, was £65,498 and per adult was £34,580, around 103.3% of average earnings.
• Net mortgage lending shrunk by £1.4 billion in the month, while net consumer credit lending increased by £561 million.
• Citizens Advice Bureaux across England and Wales answered 429,720 enquiries in May 2023, 10.1% up from May 2022.

Spending and Loans

• On average, 49.3 cash machine transactions (including balance enquiries and rejected transactions) were made every second in May 2023, a decrease of 4.3% on May 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 Q4 2022, households in the UK spent £111.42 million a day on water, electricity and gas, or £3.97 per household per day.
• UK Finance figures show that 50.3% of credit card balances were bearing interest in March 2023.

Mortgages, Rent and Housing

• Outstanding mortgage lending stood at £1,626.0 billion at the end of April 2023.
• The average mortgage interest rate was 2.76% at the end of April 2023. Based on this, households with mortgages would pay an average of £4,125 in mortgage interest over the year.
• HM Land Registry reports that the average house price for first-time buyers in Great Britain was £238,114 in April 2023, an annual increase of 3.3% and a monthly change of 0.6%.
• According to the Office for National Statistics, private rental prices in the UK rose by 5.0% in the 12 months to May 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.