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Household Debt: Key Economic Indicators

Published Monday, February 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 average Standard Variable Rate (SVR) was 4.54% in December 2017, up from 4.35% in November.

The average 2-year fixed mortgage rate was 1.57% in December, down slightly from 1.61% in November.

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

 

Individual insolvencies, England and Wales

There were 25,401 individual insolvencies in England and Wales in Q4 2017, a similar level to the previous quarter, and 10% up on the same period in 2016. There were almost 100,000 individual insolvencies in 2017, the highest annual total since 2014.

In Scotland, there were 2,691 individual insolvencies in Q4 2017, a fall of 2.1% on a year earlier. In Northern Ireland, there were 640 individual insolvencies in Q4 2017, an increase of 3.7% on a year earlier.

 

 

Commons Briefing papers SN02885

Author: Chris Rhodes

Topics: Economic situation, Financial services, Incomes and poverty

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