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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 7.92% in March 2024, up 0.76 percentage points on a year ago.

The average 2-year fixed mortgage rate was 4.97% in March 2024, up 0.23 percentage points on a year ago.  

Individual insolvencies, England and Wales

There were 24,910 individual insolvencies in England and Wales in Q4 2023, 662 more than in the previous quarter. The largest increase since the current series began in 2010 was seen between Q2 2020 and Q3 2020.

The Q4 2023 level is 15.2% lower than the level in Q4 2022.

In Scotland, there were 2,014 individual insolvencies in Q4 2023, up 2% on the year.

In Northern Ireland, there were 312 individual insolvencies in Q4 2023, down 28% on the year.

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