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Household Debt: Key Economic Indicators

Published Friday, February 3, 2017

Household debt: Data on the latest household debt statistics, including net lending, mortgage interest rates and insolvencies.

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Household debt as a % of disposable income

Household debt peaked in Q1 2008 at 160% of household gross disposable income. It then fell until 2011, before falling more slowly for another year or so.

In Q3 2016, household debt was 144%. It has risen for much of the past year.

Household debt

Current average mortgage interest rates

The average Standard Variable Rate (SVR) fell following the cut in the base interest rate by the Bank of England in August 2016. The SVR was 4.23% in December 2016, down 0.26% points on the year.

The average 2-year fixed mortgage rate also fell following the rate cut. It was 1.43% in December, down 0.47% points on the year.

 

 

Individual insolvencies, England and Wales

There were 22,852 individual insolvencies in England and Wales in Q4 2016, 9.8% higher than a year earlier (seasonally adjusted figures). Individual insolvencies in England and Wales have risen steadily over the last year, the latest figure represents the first quarter on quarter fall since Q2 2015.

In Scotland, there were 2,616 individual insolvencies in Q4 2016, an increase of 12.4% on a year earlier. In Northern Ireland, there were 617 individual insolvencies in Q4 2016, an increase of 1.8% on a year earlier.

 

 

Commons Briefing papers SN02885

Author: Chris Rhodes

Topics: Economic situation, Financial services, Incomes and poverty

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