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Household Debt: Key Economic Indicators

Published Friday, April 28, 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 Q4 2016, household debt decreased for the first time in the last year to 143%.

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 4.37% in March 2017, down 0.20% points on the year.

The average 2-year fixed mortgage rate also fell following the rate cut. It was 1.37% in March, down 0.53% points on the year.

 

 

Individual insolvencies, England and Wales

There were 24,531 individual insolvencies in England and Wales in Q1 2017, 16.0% higher than a year earlier (seasonally adjusted figures). This represents the highest quarterly total of individual insolvencies in England and Wales since Q2 2014.

In Scotland, there were 2,513 individual insolvencies in Q1 2017, an increase of 11.0% on a year earlier. In Northern Ireland, there were 712 individual insolvencies in Q1 2017, an increase of 6.9% on a year earlier.

 

 

Commons Briefing papers SN02885

Author: Chris Rhodes

Topics: Economic situation, Financial services, Incomes and poverty

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