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|September's Money Statistics from The Money Charity|
|Tuesday, 13 September 2016|
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
7.87%: The average interest rate on a loan of £5,000
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
Everyday in the UK
9.2m cash machine transactions were made every day in July with a value of £381m.
1,130 people a day reported they had become redundant between March and May.
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.
Personal debt in the UK
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.
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.
Outstanding consumer credit lending was £186.6 billion at the end of July 2016.
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.
Total net lending to individuals by UK banks and building societies rose by £3.8 billion in July 2016 – or £123m a day.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.31 trillion at the end of July. This is up from £1.268 trillion a year earlier.
The average mortgage Interest rate was 2.88% at the end of July. Based on this, households with mortgages would pay an average of £3,406 in mortgage interest over the year.
There were 40,003 loans approved for house purchase in July, according to the British Bankers Association (BBA), almost unchanged from a year earlier. The average loan approved for house purchase rose to £177,400.
Nationwide estimate that house prices rose by 0.6% during August 2016, and were up 5.6% on 12 months ago.
Spending and Loans
During June 2016 an average of 471 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
In Q1 2016, households in the UK spent £91.70m a day on water, electricity and gas – or £3.40 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.
Households now spend 38% of their annual income on raising a child.
Savings and Pensions
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.3% in July. For a cash ISA, this was 0.66%.
According to the Family Resources Survey, 42% of adults actively participated in a pension in 2014/15, up 5% on the previous year. This was 60% for employees, and 16% for the self-employed.
The Pensions Regulator estimates that at least 6.540 million employees had joined a pension scheme under auto-enrollment by the end of July 2016.
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