We have been producing our must read summary of UK’s money situation since 2005. The latest UK money statistics from the Money Charity can be found below. And you can find the archive here.

The Money Statistics September 2016

0.25% The new Bank of England base rate, which had stood at 0.5% since March 2009

£1.31 trillion The total outstanding mortgage lending at the end of July

£2,048 The fall in house prices in July

3.4% The growth in rental prices in the South East in the year to June

£26,562 The average first time buyer deposit

£1.496 trillion The total amount individuals owed at the end of July

6.54 million The number of people auto-enrolled into a pension at the end of July

£775.67 The average monthly rent paid by private renters in 2014/15

7.87% The average interest rate on a loan of £5,000

UK Personal Debt

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.

The average total debt per household – including mortgages – was £55,442 in July. The revised figure for June was £55,304.

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.

Based on July 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been£52.777 billion.

  • That’s an average of £145 million per day.
  • This means that households in the UK would have paid an average of £1,944 in annual interest repayments. Per person that’s £1,039 3.97% of average earnings.

According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt £94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).

Outstanding consumer credit lending was £186.6 billion at the end of July 2016.

  • This is up from £176.2 billion at the end of July 2015, and is an increase of £207.14 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,912 in July, up from a revised £6,889 in June – or £387.44 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,695 per UK adult. This is up from a revised £3,683 in June.

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.

  • The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals by UK banks and building societies rose by £3.8 billion in July 2016 – or £123m a day.

  • Net mortgage lending rose by £2.7 billion in the month; net consumer credit lending rose by £1.1 billion.
  • In Q2 itself they wrote off  £504 million (of which £285 million was credit card debt) amounting to a daily write-off of £5.54 million.

 

Citizens Advice Bureaux across England and Wales dealt with 597,216 new enquiries in the three months between January and March 2016.

Debt was the second largest advice category (behind Benefits) with 409,000  issues. This is a 3% decrease on the same period last year. Debt issues represented 27% of all problems dealt with over the period.

Based on quarterly figures up to the end of March 2016, Citizens Advice Bureaux in England and Wales are dealing with 4,495 debt problems every working day.

  • CAB cite the loss of legal aid and falling trends in many individual debt types for the reduction in debt advice cases

Everyday in the UK

The population of the UK grew by an estimated 1,286 people a day between 2014 and 2015.

On average, a UK household spends £3.40 a day on water, electricity and gas.

247 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 50 seconds.

41 million plastic card purchase transactions were made every day in June 2016, with a total value of £1.57 billion.

9.2m cash machine transactions were made every day in July with a value of £381m.

2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.

Citizens Advice Bureaux in England and Wales dealt with 4,495 new debt problems every day during the quarter ending March 2016.

18 properties are repossessed every day, or one every 1 hour and 19 minutes.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 41 a day.

The number of people unemployed for over 12 months fell by 301 per day between March and May.

1,130 people a day reported they had become redundant between March and May.

Net lending to individuals in the UK increased by £123 million a day.

The Government had a surplus of £32m a day during April 2016 (£373 per second).

Borrowers would repay £145m a day in interest over a year, based on July 2016 trends.

It costs an average of £30.23 per day to raise a child from birth to the age of 21.

53 mortgage possession claims and 36 mortgage possession orders are made every day.

398 landlord possession claims and 309 landlord possession orders are made every day.