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Commercial Credit News
|December's Money Statistics from The Money Charity|
|Wednesday, 14 December 2016|
£1.508 trillion: Total outstanding lending to individuals topped one and a half trillion pounds by the end of October
£190.13 billion: The total outstanding consumer credit lending in October
929,000: 18 to 24-year-olds in England were not in education, employment or training (NEET)
90.2%: Public sector net debt is forecast to have peaked at 90.2% of GDP in 2017-18
82%: Private debt as a percentage of 2015 UK GDP
£26,260: The average annual wade including bonuses in the UK
3.53: The average first time buyer mortgage is 3.53 times the average wage
6.871 million: Employees had joined a pension scheme under auto-enrollment by the end of October 2016
£801 million: The amount written off by UK banks and building societies between July and September
Everyday in the UK
25 properties are repossessed every day, or one every 58 minutes.
The number of people unemployed for over 12 months fell by 400 per day July and September.
The Government debt grew by £160m a day during October 2016 (£1,852 per second).
Borrowers would repay £140m a day in interest over a year, based on September 2016 trends.
Personal debt in the UK
People in the UK owed £1.508 trillion at the end of October 2016. This is up from £1.455 trillion at the end of October 2015 – an extra £1041.23 per UK adult.
According to the Office for Budget Responsibility’s November 2016 forecast, household debt is predicted to reach £2.294 trillion in Q1 2022. This makes the average household debt £84,964 (assuming that the number of households in the UK remains the same between now and then).
Outstanding consumer credit lending was £190.13 billion at the end of October 2016.
This is up from £177.3 billion at the end of October 2015, and is an increase of £254.53 for every adult in the UK.
Total credit card debt in October 2016 was £66.2bn.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.318 trillion at the end of October.
This is up from £1.278 trillion a year earlier.
The average mortgage interest rate was 2.71% at the end of October. Based on this, households with mortgages would pay an average of £3,225 in mortgage interest over the year.
According to the Council of Mortgage Lenders, gross mortgage lending in October totaled an estimated £20.6 billion.
This is up 5% on October 2015, and unchanged from September.
The Office of National Statistics say that the average house price for first-time buyers was £183,385 in September 2016, which is an annual increase of 7.5%.
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 6.871 million employees had joined a pension scheme under auto-enrollment by the end of October 2016.
At the end of May 2016, there were 12.95 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 August 2016 an average of 464 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association.
Meanwhile, data from LINK shows that, on average, 103 cash machine transactions (including balance inquiries and rejected transactions) were made every second in October 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. 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.
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