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|November's Money Statistics from The Money Charity|
|Tuesday, 08 November 2016|
The Money Statistics November 2016
£1.503 trillion: Total outstanding lending to individuals topped one and a half trillion pounds by the end of September
£1,036: The annual growth in private debt, including mortgages, for every UK adult
£247.10: The amount of this growth that is unsecured debt
1.656 million: The number of people classed as unemployed between June and August
£4,090: The growth in public sector net borrowing every second in September
£20.5 billion: Gross mortgage lending in September
3.5%: The highest English annual regional rent increase in the South East
1%: The lowest English annual regional rent increase in the North East
£3,252: The average amount households with mortgages pay in interest over a year
Everyday in the UK
Citizens Advice Bureaux in England and Wales dealt with 4,077 new debt problems every day during the quarter ending June 2016.
1,322 people a day reported they had become redundant between June and August.
The Government debt grew by £108m a day during September 2016 (£4,090 per second).
Borrowers would repay £140m a day in interest over a year, based on September 2016 trends.
Selected November press coverage
BBC: Warning as household debts rise to top £1.5 trillion
Mirror: Household debt hits record high
Mail Online: Household debt hits a record high of £1.5 TRILLION as Britons rack up £30k on mortgages, credit cards and loans
Spectator: Household debts have risen to £1.5 trillion for the first time in the UK, new statistics reveal
Personal debt in the UK
People in the UK owed £1.503 trillion at the end of September 2016. This is up from £1.451 trillion at the end of September 2015 – an extra £1036.58 per UK adult.
Per adult in the UK that’s an average debt of £29,770 in September – around 113.3% of average earnings. This is slightly up from a revised £29,685 a month earlier.
Outstanding consumer credit lending was £188.7 billion at the end of September 2016.
This is up from £176.3 billion at the end of September 2015, and is an increase of £247.10 for every adult in the UK.
Total net lending to individuals by UK banks and building societies rose by £4.7 billion in September 2016 – or £157m a day.
Net mortgage lending rose by £3.1 billion in the month; net consumer credit lending rose by £1.5 billion.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.315 trillion at the end of September.
This is up from £1.275 trillion a year earlier.
According to the Council of Mortgage Lenders, gross mortgage lending in September totaled an estimated £20.5 billion.
•This is 2% up on September 2015, and up 7% up on August.
The Financial Conduct Authority reports that 60.82% of mortgage lending in Q2 2016 was for 75% or less of a property’s value.
There were 40,533 loans approved for house purchase in September, according to the British Bankers Association (BBA), almost unchanged from a year earlier. The average loan approved for house purchase rose to £176,200.
Savings and Pensions
The Pensions Regulator estimates that at least 6.723 million employees had joined a pension scheme under auto-enrolment by the end of September 2016.
If someone on the average salary saved 5.1% (the average) of their income in an average instant access savings account for a year, they would receive £2.67 in interest after tax. If they saved it in an average cash ISA, they would receive £8.68.
At the end of February 2016, there were 12.94 million claimants of State Pension, a rise of 5,000 on six months earlier. 43% of claimants were male and 57% female.
Spending and Loans
During July 2016 an average of 460 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
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
Education and childcare are the main areas of expenditure, costing £74,430 and £70,466.
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%.
Households now spend 38% of their annual income on raising a child.
The average APR for a £5,000 personal loan is 9.59%, according to the Bank of England. For a £10,000 loan it’s 4.11%, while the average rate for an overdraft is 19.70%.
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