Household Debt: Key Economic Indicators

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 Q4 2023 the debt-to-income ratio was 123.7%.

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 7.83% in August 2024, down 0.08 percentage points on a year ago.

The average 2-year fixed mortgage rate was 4.80% in August 2024, down 1.38 percentage points on a year ago.  

Individual insolvencies, England and Wales

There were 29,489 individual insolvencies in England and Wales in Q2 2024, 1,296 more than in the previous quarter.

The Q2 2024 level is 13.0% higher than the level in Q2 2023.

In Scotland, there were 1,884 individual insolvencies in Q1 2024, down 2% on the year.

In Northern Ireland, there were 381 individual insolvencies in Q2 2024, down 18% on the year.