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|The Money Statistics October 2016|
|Thursday, 13 October 2016|
0.25%: The new Bank of England base rate, which until August had stood at 0.5% since March 2009
£1.499 trillion: The total outstanding lending at the end of August
0.3%: The rise in house prices in September
6.648 million: Employees had joined a pension scheme under auto-enrollment by the end of August 2016
£412.30: The growth in average consumer debt per household in the year to August
£55.11: The cost of filling a 50 litre petrol tank in August
4.14%: The average interest rate on a loan of £10,000
£285 million: The amount of credit card debt written off in Q2 2016
£775.67: The average monthly rent paid by private renters in 2014/15
Everyday in the UK
Net lending to individuals in the UK increased by £145 million a day.
17 properties are repossessed every day, or one every 1 hour and 26 minutes.
8.7m cash machine transactions were made every day in August with a value of £357m.
On average, a UK household spends £3.44 a day on water, electricity and gas.
Personal debt in the UK
People in the UK owed £1.499 trillion at the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult.
The average total debt per household – including mortgages – was £55,504 in August. The revised figure for August was £55,350.
Total net lending to individuals by UK banks and building societies rose by £4.5 billion in August 2016 – or £145 million a day.
Net mortgage lending rose by £2.9 billion in the month; net consumer credit lending rose by £1.6 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.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.311 trillion at the end of August. This is up from £1.272 trillion a year earlier.
That means that the estimated average outstanding mortgage for the 11.1m households with mortgage debt was £118,341 in August.
For new loans, the average mortgage Interest rate was 2.31%. Using the latest figures from the Council of Mortgage Lenders, this means new mortgages would attract an average of £4,410 in interest over the year.
33% of households owned their home outright, while 30% were mortgagors. 19% rent privately, and 17% pay a social rent.
Savings and Pensions
Around 9.45m (35%) households have no savings, while a further 2.97m (11%) have under £1,500. 68% have less than £10,000 in savings.
The Pensions Regulator estimates that at least 6.648 million employees had joined a pension scheme under auto-enrollment by the end of August 2016.
At the end of November 2015, there were 12.97 million claimants of State Pension, a fall of 12,000 on a year earlier. 43% of claimants were male and 57% female.
Spending and Loans
Data from LINK shows that, on average, 101 cash machine transactions (including balance enquiries and rejected transactions) were made every second in August 2016
In Q2 2016, households in the UK spent £92.93m a day on water, electricity and gas – or £3.44 per household per day.
The cost of education (including uniforms, after-school clubs and university costs) has increased 128% since 2003, while the cost of childcare has risen by 77.9%.
British Bankers Association figures show that 57.1% of credit card balances were bearing interest in August 2016.
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