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|The Money Statistics May 2016|
|Wednesday, 04 May 2016|
Striking numbers: £9.3 billion: The rise in net lending to individuals in March 2016
£7.4 billion: The rise in net lending to individuals in March 2016 accounted for by mortgage lending
45,318: The number of mortgages approved for house purchase in February
214,000: The average house price for first time buyers
2.94%: The average mortgage interest rate at the end of March
9.61 million: Households have no savings
85 months: The period of time the Bank of England base rate has been at 0.5%
4.3 billion: Public sector net borrowing in March
31%: Of households owned their home with a mortgage
Everyday in the UK
Net lending to individuals in the UK increased by £300 million a day
The Government borrowed £155m a day during March 2016 (£1,792 per second)
Borrowers would repay £145m a day in interest over a year, based on March 2016 trends
8.5m cash machine transactions were made every day in March with a value of £344m
47 mortgage possession claims and 37 mortgage possession orders are made every day
398 landlord possession claims and 309 landlord possession orders are made every day
Personal debt in the UK
People in the UK owed £1.474 trillion at the end of March 2016. This is up from £1.434 trillion at the end of March 2015 – an extra £793.13 per UK adult.
Outstanding consumer credit lending was £182.4 billion at the end of March 2016.
This is up from £171.1 billion at the end of March 2015, and is an increase of £198.45 for every adult in the UK
Total net lending to individuals by UK banks and building societies rose by £9.3 billion in March 2016 – or £300 million a day.
Net mortgage lending rose by £7.4 billion in the month; net consumer credit lending rose by £1.9 billion
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)
Mortgages, rent and housing
According to the Council of Mortgage Lenders, gross mortgage lending in March totaled an estimated £25.7 billion.
This is 59% higher than March 2015, and 43% up on February
Outstanding mortgage lending stood at £1.291 trillion at the end of March.
This is up from £1.262 trillion a year earlier.
The average mortgage Interest rate was 2.94% at the end of March. Based on this, households with mortgages would pay an average of £3,429 in mortgage interest over the year.
For new loans, the average mortgage Interest rate was 2.5%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £3,748 in interest over the year.
Halifax said that house prices rose by £5,477 in March 2016. This is a monthly rise of 2.6%; prices rose 2.9% over the quarter and 10.1% over the year.
Spending and loans
In Q3 2015, households in the UK spent £103.26m a day on water, electricity and gas – or £3.78 per household per day
In March 2015 the average price of unleaded petrol rose by 1ppl (pence per litre) to 103ppl.
This meant it cost £51.50 to fill a 50 litre unleaded tank.
The average price of diesel jumped by 2.3ppl to 103.3ppl
The average APR for a £5,000 personal loan is 9.44%, according to the Bank of England. For a £10,000 loan it’s 4.38%, while the average rate for an overdraft is 19.67%
The average interest rate on credit card lending bearing interest was 18.46% in March. This is 17.96% above the Bank of England Base Rate (0.5%)
Savings and pensions
The Pensions Regulator estimates that at least 6.461 million employees had joined a pension scheme under auto-enrolment by the end of March 2016
The Annual Survey of Hours and Earnings reports that 59.2% of employees were receiving an employer contribution to their pension
Around 9.61m (36%) households have no savings, while a further 3.47m (13%) have under £1,500. 71% have less than £10,000 in savings
It would take 37 years for someone on the average salary, saving the average amount per household every year in an average instant access savings account, to afford the average first-time buyer deposit. If they saved into a cash ISA at the same rate it would take 35 years
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