Money Statistics: October 2024

Here is an overview of The Money Charity’s latest statistics for October 2024

Personal debt in the UK

• People in the UK owed £1,864.9 billion at the end of August 2024.
• The average total debt per household, including mortgages, was £65,665 and per adult was £34,536, around 95.6% of average earnings.
• Net mortgage lending increased by £3.056 billion in the month, while net consumer credit lending increased by £305 million.
• Citizens Advice Bureaux across England and Wales answered 237,154 enquiries in September 2024, 3.4% up from September 2023.

Mortgages, Rent and Housing

• Outstanding mortgage lending stood at £1,633 billion at the end of August 2024.
• The average mortgage interest rate was 3.73% at the end of August 2024. Based on this, households with mortgages would pay an average of £5,668 in mortgage interest over the year.
• HM Land Registry reports that the average house price for first-time buyers in Great Britain was £246,576 in August 2024, an annual increase of 3.4% and a monthly change of 2.0%.
• According to the Office for National Statistics, private rental prices in the UK rose by 8.4% in the 12 months to September 2024.

Spending and Loans

• On average, 45.18 cash machine transactions (including balance enquiries and rejected transactions) were made every second in August 2024, a decrease of 5.5%on August 2023.
• The number of ATMs (in-branch and remote) fell from 50,300 at the end of 2022 to 47,711at the end of 2023 (a fall of 5.2%).
• In Q2 2024, households in the UK spent £147.58 million a day on water, electricity and gas, or £5.20 per household per day.
• UK Finance figures show that 49.4% of credit card balances were bearing interest in July 2024.

Financial Inclusion

• According to the FCA, in the UK in 2022 there were 1.1 million adults who did not have a bank account. This was 2.1% of the UK adult population.
• According to ONS, in 2022 there were 8,060bank and building society branches in the UK. This was a reduction of 750 branches (-8.5%) from the year before.
• According to UK Finance, in 2023, 1.5 million adults mainly used cash, the first yearly rise in cash usage since 2019.
• Fair By Design has estimated that the cost of the poverty premium to a typical parliamentary constituency is £4.5 million a year. This equates to over £430 per year for a low-income household.

The full report can be found here.