As the UK population grows, so does the economy. The highest rates of inflation over the last 12 months were for alcohol and tobacco, education, transport and communication. According to UK Finance, consumer credit has increased over the last year and levels of credit card borrowing have grown outstandingly.
This year, credit card spending has been on the rise and has in fact reached its highest level on record yet. It has been estimated that credit card spending has risen by £1.2 billion year on year.
At the end of 2018, mortgage lending stood at £1.409 trillion which is up from £1.369 trillion the year earlier. Last year it was also estimated that the average mortgage for the 10.9 million households within the UK had a debt of £128,823.
As the statistics suggest, lending and borrowing is on the rise, and with this comes greater opportunity to capitalise on a growing market who are searching online for personal finance. With an effective SEO strategy and insider knowledge of the current climate within this sector, brands can achieve phenomenal results. All you need to do is download a report.
Each year, over £17 billion is loaned to students in the UK. As student loans are the main method of direct government support for students studying in higher education, it is no wonder that the current value of outstanding loans has been estimated to have reached £121 billion.
As the UK prepares to leave the European Union in early 2020, finance is expected to drastically change and so it is imperative for businesses to keep on top of current trends and developments. To browse our 2019 reports, select a category above.
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