The Money Statistics August 2018

Striking numbers
£19.97: The fall in Debt growth per adult in June
0.75%: The new Bank of England base rate
£65m: The fall in Public Sector Net Debt per day in 2018.
106%: The average First Time Buyer deposit compared to average salary
£2,650: The increase in net lending to individuals a day.
44: The amount of bankruptcies per day in June.
32: The amount of mortgage possession orders per day in June.
0.2%: The average Instant account rate (highest in almost 2 years).
1.4%: The increase in house prices on last month.

Everyday in the UK
322 people a day are declared insolvent or bankrupt. This is equivalent to one person every 4 minutes and 28 seconds.
Citizens Advice dealt with 2,441 new debt problems every day in June 2018.
12 properties are repossessed every day, or one every 2 hours and 3 minutes.
49 mortgage possession claims and 32 mortgage possession orders are made every day.

Personal debt in the UK
People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult.
Per adult in the UK that’s an average debt of £30,759 in June – around 114.1% of average earnings. This is slightly down from a revised £30,669 a month earlier.
Outstanding consumer credit lending was £213.0 billion at the end of June 2018.
Citizens Advice Bureaux across England and Wales dealt with 335,457 issues in June 2018.
Debt was the second largest advice category (behind benefits and tax credits) with 73,238 issues. This is down 2% on the same month last year. Debt issues represented 21.7% of all problems dealt with over the period.

Mortgages, rent and housing
The average mortgage interest rate was 2.48% at the end of June. This stood at 2.11% for new loans. Based on this, households with mortgages would pay an average of £3,081 in mortgage interest over the year. New loans would attract an average of £2,995 in interest.
Halifax estimate that house prices rose by 1.4% compared to last months estimate, growing by 1.3% over the quarter and growing 3.3% annually. Nationwide estimate house prices increased by 0.6% in June, up 2.5% on 12 months ago.
According to UK Finance, the typical first-time buyer deposit in June was 15.0% (around £28,611) – 106% of an average salary.

Savings and Pensions
9.82 million employees had joined a pension scheme under auto-enrolment by the end of June 2018.
The average interest rate for an instant access savings account – not including bonus interest payments – was 0.2% in June. For a cash ISA, this was 0.69%.

Spending and Loans
Data from LINK shows that, on average, 96 cash machine transactions (including balance enquiries and rejected transactions) were made every second in July 2018.
In total, cash machine transactions were worth an average of £43 in May 2018.
The average APR for a £5,000 personal loan is 7.79%, according to the Bank of England. For a £10,000 loan it’s 3.76%, while the average rate for an overdraft is 19.68%.
It cost an average of £23.61 a day for a couple family to raise a child to the age of 18.
It cost an average of £28.48 a day for a lone parent family.

The bigger picture
The UK economy grew by 0.2% between March and May 2018, according to latest estimates from the ONS.
Public Sector Net Debt fell by £65 million during 2018.
95,000 people (1,033 a day) reported they had become redundant over the three months, a decrease of 12,000 on the previous quarter.

 

About The Money Charity:

The Money Charity is the UK’s financial capability (financial education) charity. Our vision is that everyone has the ability to be on top of their money as a part of everyday life. We empower people across the UK to build the skills, knowledge, attitudes and behaviours to make the most of their money throughout their lives.