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Household Debt: Key Economic Indicators

Published Friday, July 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 over the next few years.

In Q1 2017, household debt was 145%. It has risen for much of the past year.

Current average mortgage interest rates

The average Standard Variable Rate (SVR) was 4.23% in June 2017, its joint lowest level since June 2012, and 0.29 less than a year previously. It originally fell following the cut in the base interest rate by the Bank of England in August 2016.

The average 2-year fixed mortgage rate also fell following the rate cut. It was 1.48% in June 2017, down 0.27% points on the year. 

 

Individual insolvencies, England and Wales

There were 22,7722 individual insolvencies in England and Wales in Q2 2017, a very small fall from a year previously (seasonally adjusted figures), and down 9.7% from the previous quarter.

In Scotland, there were 2,839 individual insolvencies in Q2 2017, an increase of 17.3% on a year earlier. In Northern Ireland, there were 839 individual insolvencies in Q2 2017, an increase of 11.6% on a year earlier.

 

 

Commons Briefing papers SN02885

Author: Federico Mor

Topics: Economic situation, Financial services, Incomes and poverty

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