Household Finance Update

We compile regular data to reflect the mainstream banking and finance activities of households in the UK.

Trends covering the scope of member support for UK households, through the provision of secured and unsecured loans, holdings of cash and longer-term deposits.  Data is shown across lending products.

Latest Data - December 2019 (Published on 27/01/2020)

Key data highlights:

• Gross mortgage lending across the residential market in December 2019 was £22.2 billion (see chart 2), bringing the annual total for 2019 to £265.8 billion. Although annually 1.1 per cent lower than in 2018, the last two years have broadly reflected the continuation of a stronger long term lending trend over recent years.
• An annual total of 982,286 mortgages were approved by the main high street banks during 2019, 7.4 per cent more than in 2018. The full year number of mortgages approved for home purchases were 8.0 per cent higher, remortgage approvals were 7.9 per cent higher and approvals for other secured borrowing were 3.0 per cent higher than in 2018 (see chart 3).
• Credit card spending of £11.8 billion in December 2019 was 7.3 per cent higher than in December 2018 (see chart 4). Repayments continue to offset spending, so that the level of borrowing on cards is currently growing at only 2.4 per cent annually, continuing the general slowdown from the recent high of 6.6 per cent in October 2016.
• Personal borrowing through loans in December 2019 was 14.0 per cent higher than in December 2018, reflecting the exceptionally weak demand a year earlier (see chart 5). Overdraft borrowing has been declining over recent years, such that December’s level was 0.8 per cent lower than at the same time a year earlier (see chart 6).
• Personal deposits grew by 2.5 per cent in the year to December 2019. Three-quarters of deposits were held in immediate access accounts in December 2019, in line with the same period last year (see chart 7).

Household Lending and Deposits Update - Latest Data

PDF XLSX Long run data - UK Finance members only

NOTE: The Household Finance Update is being replaced by the quarterly Household Finance Review, to provide a greater level of insight and analysis on the financial behaviour of households using data covering the whole market. The final Household Finance Update monthly data series was published on 27 January 2020 (December 2019 data), reflecting the final publication of 2019 data. The next Household Finance Review for Q4 2019 is due to be published on 5 March 2020.