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|The Money Statistics April 2017|
|Thursday, 13 April 2017|
33 years: The time it would take for someone on an average salary, saving the average amount, to save a typical first-time buyer deposit
£28,552: The average deposit on a house for a first time buyer
7.5 million: People have been auto-enrolled into a pension
2.3%: The rate of inflation in February
2.7%: The rise in rents in the year to February 2017
3.3%: The rate of saving in the last quarter of 2016, the lowest rate since the 60s
£504.81: The increase in consumer credit per household in the year to January 2017
70p: The interest someone on the average salary would receive if they saved 3.3% of their income in an average savings account for a year
3.78%: The proportion of income the average household is spending on debt interest
Everyday in the UK
On average, a UK household spends £3.61 a day on water, electricity and gas.
42.6 million plastic card purchase transactions were made every day in January 2017, with a total value of £1.842 billion.
Net lending to individuals in the UK increased by £175 million a day.
Borrowers would repay £138 a day in interest over a year, based on January 2017 trends.
Personal debt in the UK
People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra £964.450 per UK adult.
Based on February 2017 trends, the UK's total interest repayments on personal debt over a 12 month period would have been £50.440 billion.
Outstanding consumer credit lending was £196 billion at the end of February 2017.
Total net lending to individuals by UK banks and building societies rose by £4.9 billion in February 2017 – or £175m a day.
Every day, on average, 41 people were made bankrupt, 68 Debt Relief Orders were granted, and 139 Individual Voluntary Arrangements were entered into.
Mortgages, rent and housing
Outstanding mortgage lending stood at £1.328 trillion at the end of February. This is up from £1.294 trillion a year earlier.
The average mortgage interest rate was 2.63% at the end of February. Based on this, households with mortgages would pay an average of £3,154 in mortgage interest over the year.
According to the Council of Mortgage Lenders (CML), the typical first-time buyer deposit in January was 15.7% (around £28,552) – 108% of an average salary.
The average monthly rent for a two-bedroom house in England was £600 – in London this was £1,500 (150% higher).
Savings and Pensions
In Q4 2016, households saved a record low average of 3.3% of their post-tax income, including benefits, in Q4 2015 this was nearly double that at 6.5%.
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.1% in February. For a cash ISA, this was 0.41%.
If someone on the average salary saved 3.3% of their income in an average instant access savings account for a year, they would receive 70p in interest after tax. If they saved it in an average cash ISA, they would receive £3.58.
The Pensions Regulator estimates that at least 7,507 million employees had joined a pension scheme under auto-enrollment by the end of February 2017.
Spending and Loans
During January 2017 an average of 494 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, 104 cash machine transactions (including balance enquiries and rejected transactions) were made every second in March 2017;
The average interest rate on credit card lending bearing interest was 18.48% in February. This is 18.23% above the Bank of England Base Rate (0.25%).
The average APR for a £5,000 personal loan is 8.81%, according to the Bank of England. For a £10,000 loan it’s 3.66%, while the average rate for an overdraft is 19.70%.
The bigger picture
CPI (Consumer Prices Index) annual inflation stood at 2.3% in the year to February, up 0.4% from January.
The largest contributor to inflation over the last 12 months has been transport (0.8%), while the only deflationary pressure has been clothing and footwear (-0.01%).
The number of people classed as unemployed between November and January was 1.568 million (4.9%). This is down by 30,000 from the previous three months, and down by 104,000 from a year earlier – 285 a day.
121,000 people (1,272 a day) reported they had become redundant over the three months, little changed from the previous quarter.
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