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|June's Money Statistics from The Money Charity|
|Tuesday, 07 June 2016|
£650: The median monthly rent in the year to March 2016
£1,500: The average rent for a two bedroom house in London
£300 million: The rise in net mortgage lending in April
£7.2 billion: Public Sector Net Borrowing in April
£1,624: The amount by which average house prices fell in April
9.61 million: Households have no savings
0.3%: The record low average interest rate on instant access savings
2.116 million: People in work pay no income tax
36%: Of households rent privately or socially
Everyday in the UK
8.8m cash machine transactions were made every day in April with a value of £360m.
Net lending to individuals in the UK increased by £53 million a day.
222 people a day are declared insolvent or bankrupt. This is equivalent to one person every 6 minutes 13 seconds.
Borrowers would repay £144m a day in interest over a year, based on April 2016 trends.
The Government borrowed £250m a day during April 2016 (£2,894 per second).
The number of mortgages with arrears of over 2.5% of the remaining balance fell by 41 a day.
Personal debt in the UK
People in the UK owed £1.475 trillion at the end of April 2016. This is up from £1.437 trillion at the end of April 2015 – an extra £762.67 per UK adult.
Based on April 2016 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £52.545 billion.
Outstanding consumer credit lending was £183.2 billion at the end of April 2016.
This is up from £173.1 billion at the end of April 2015, and is an increase of £201.76 for every adult in the UK.
Total credit card debt in April 2016 was £64.4bn. Per household this is £2,387 – 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.
UK Banks and Building Societies wrote off £2.977 billion of loans to individuals over the four quarters to Q1 2016.
Mortgages, rent and housing
Halifax said that house prices fell by £1,624 in April 2016. This is a monthly fall of 0.8%; prices rose 1.5% over the quarter and 9.2% over the year.
The median rent in England across all property types for the 12 months to March 2016 was £650, data from the Valuation Office Agency shows. In London this was £1,452.
For a single room, the average monthly rent was £360 – in London this was £585 (63% higher).
The average monthly rent for a two-bedroom house in England was £600 – in London this was £1,500 (150% higher).
According to the Office for National Statistics, private rental prices in Great Britain rose by 2.6% in the 12 months to February 2016.
33% of households owned their home outright, while 31% were mortgagors. 19% rent privately, and 17% pay a social rent.
Savings and Pensions
In Q4 2015, households saved an average of 3.8% of their post-tax income, including benefits, over the full year this was 4.2% – both are the lowest since records began in the spring of 1963.
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.
The Annual Survey of Hours and Earnings reports that 59.2% of employees were receiving an employer contribution to their pension.
LV’s ‘Cost of a Child’ report estimates that parents now spend a record £231,843 on raising a child to their 21st birthday - £30.23 a day. This is up 1.1% compared to last year, and has increased 65.1% since the study first began in 2003.
Spending and Loans
During March 2016 an average of 456 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
In total, cash machine transactions were worth an average of £4,171 per second.
In Q3 2015, households in the UK spent £103.26m a day on water, electricity and gas – or £3.78 per household per day.
According to the AA, it costs 51.60 pence per mile to run a car. This is based on buying a new petrol car for between £13,000 and £18,000, replacing it after 4 years, and averaging 10,000 miles per year.
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