Household debt: Economic indicators

Economic indicators are quick-read summaries of the latest data focusing on different aspects of the UK economy. The full suite of indicators can be found on the main Economic Indicators page.

Household debt as a % of disposable income

Household debt peaked in Q3 2008 at 156.4% of household disposable income. It then declined to 134.6% by early 2016.

Growth in household debt levels has been slowing since the beginning of 2022. In Q3 2024 the debt-to-income ratio was 120.0%.

Statistical note: The household debt and income source data were changed in May 2019. Previously debt and income totals included the non-profit sector (mostly charities and universities). The new data reflects only individuals in the household sector. The overall historical trends are unchanged. For more see the Library paper on household debt.

Current average mortgage interest rates

The average Standard Variable Rate (SVR) was 7.50% in December 2024, down 0.42 percentage points on a year ago.

The average 2-year fixed mortgage rate was 4.60% in December 2024, down 0.43 percentage points on a year ago. 

Individual insolvencies, England and Wales

There were 29,013 individual insolvencies in England and Wales in Q4 2024, 1,970 fewer than in the previous quarter.

The Q4 2024 level is 15.0% higher than the level in Q4 2023.

In Scotland, there were 1,891 individual insolvencies in Q3 2024, down 9% on the year.

In Northern Ireland, there were 400 individual insolvencies in Q4 2024, up 28% on the year.

Next updates

This page is updated when new data is published. The next source updates will be:

• Bank of England, Statistical database, 7 February 2025

• Insolvency Service, Insolvency Statistics, 25 April 2025

• ONS, UK Economic Accounts, 28 March 2025