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This document focusses on standard official sources. For more timely data on the economy, see the Library briefing Coronavirus: Latest economic data.

Household debt as a % of disposable income

Household debt peaked in Q2 2008 at 147% of household disposable income. It then declined to 124% by late 2015.

Growth in household debt levels accelerated from early 2016, so that the debt-to-income ratio rose again to 128% by mid-2017. In Q1 2020 it was 127.1%.

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 Box 1 in the Library paper on household debt.

Current average mortgage interest rates

The average Standard Variable Rate (SVR) was 3.64% in August 2020, down 0.65% points on a year ago.

The average 2-year fixed mortgage rate was 1.59% in August 2020, the same as a year ago. 

Individual insolvencies, England and Wales

There were 32,153 individual insolvencies in England and Wales in Q2 2020, up by 3,406 on the previous quarter. This is the largest increase since the current series began in 2010.

The Q2 2020 level is 6.9% more than the level in Q2 2019.

In Scotland, there were 2,082 individual insolvencies in Q2 2020, 41% lower than a year before.

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