Latest News Headlines
Commercial Credit News
|March Money Statistics from The Money Charity|
|Tuesday, 14 March 2017|
£9.4 billion: The government’s surplus in January
34%: The proportion of households who own homes outright in England
29%: The proportion of households who own homes with a mortgage in England
£50.225 billion: Would be spent on paying private debt interest over a year, at January 2017 rates
2.7%: The rise in rents in the year to February 2017
0.13%: January’s average interest rate of interest for and instant access savings account – excluding bonuses
349%: The multiple of average income borrowed by the average first time home buyer in December 2016
41%: The average percentage of their income that private renters pay in rent
18%: The average percentage of their income that mortgagors pay to their mortgage
Everyday in the UK
42 million plastic card purchase transactions were made every day in December 2016, with a total value of £1.823 billion.
15 properties are repossessed every day, or one every one hour and 34 minutes.
Net lending to individuals in the UK increased by £154 million a day.
The Government debt shrunk by £303m a day during January 2016 (£3,510 per second).
Borrowers would repay £138 a day in interest over a year, based on January 2017 trends.
Personal debt in the UK
The average total debt per household – including mortgages – was £56,310 in January. The revised figure for December was £56,148.
Based on January 2017 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £50.225 billion.
Total credit card debt in January 2017 was £66.7bn. Per household this is £2,470 – for a credit card bearing the average interest, it would take 25 years and 10 months to repay if you made only the minimum repayment each month
In the 12 months ending Q4 2016, 1 in 2210 adults (just under 0.19% of the adult population) became insolvent.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.326 trillion at the end of January. This is up from £1.291 trillion a year earlier
According to the Council of Mortgage Lenders, gross mortgage lending in January totalled an estimated £18.9 billion
The Financial Conduct Authority reports that 69.75% of mortgage lending in Q3 2016 was for 75% or less of a property’s value
There were 29,743 loans approved for house purchase in January, according to the British Bankers Association (BBA), almost unchanged from a year earlier. The average loan approved for house purchase rose to £182,500.
Savings and Pensions
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.13% in January. For a cash ISA, this was 0.38%.
The Pensions Regulator estimates that at least 7,279 million employees had joined a pension scheme under auto-enrolment by the end of January 2017.
28% of employees were in a Defined Benefit scheme in 2012, according to the Office for National Statistics
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 December 2016 an average of 486 purchases were made in the UK every second using debit and credit cards, based on figures from the UK Cards Association
In February 2017 the average price of unleaded petrol rose by 0.6 ppl (pence per litre) to 120.1ppl. This meant it cost £60.05 to fill a 50 litre unleaded tank
British Bankers Association figures show that 56.1% of credit card balances were bearing interest in January 2017
The average APR for a £5,000 personal loan is 9.48%, according to the Bank of England. For a £10,000 loan it’s 3.68%, while the average rate for an overdraft is 19.71%.
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197