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Household Debt: Key Economic Indicators

Published Friday, January 5, 2018

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 157% of household gross disposable income. It then fell until 2014.

It rose for 6 successive quarters from the first quarter of 2016. Q3 2017 was the first quarter in over a year and a half to see a fall. It is now 138% of GDP.

Household debt

Current average mortgage interest rates

The Standard Variable Rate (SVR) was 4.35% in November 2017, but from 1.4.31% in October.

The average 2-year fixed mortgage rate was 1.61% in November, up from 1.55% in September.

The increase in rates over the past few months anticipated the much-trailed base interest rate rise that the Bank of England announced at the beginning of November 2017.

 Mortgage rates

Individual insolvencies, England and Wales

There were 25,479 individual insolvencies in England and Wales in Q3 2017, an increase of 11% on the previous quarter, and 8% up on the same period in 2016. The number of individual insolvencies in the first three quarters of 2017 was the highest first three quarterly total since 2014.

In Scotland, there were 2,472 individual insolvencies in Q3 2017, a fall of 0.5% on a year earlier. In Northern Ireland, there were 684 individual insolvencies in Q3 2017, an increase of 25.0% on a year earlier. 

 

 

Commons Briefing papers SN02885

Author: Federico Mor

Topics: Economic situation, Financial services, Incomes and poverty

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