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.
- 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.