The House of Commons Library has just released a report on Household debt: Economic indicators.

The report can be seen here, and says

Household Debt as a Percentage of Disposable Income
Household debt as a share of disposable income has been falling steadily since its peak in Q3 2008, when it stood at 156.4%. By early 2016, it had declined to 134.6%. More recently, the debt-to-income ratio has continued to ease, reaching 118.1% in Q4 2024.
Note: In May 2019, a statistical revision excluded the non-profit sector from household data. While this adjusted the figures, the overall historical trends remain consistent.

Current Average Mortgage Interest Rates
Mortgage rates have seen some movement over the past year:

• The average Standard Variable Rate (SVR) was 7.23% in March 2025, down 0.70 percentage points compared to a year earlier.

• The average 2-year fixed mortgage rate stood at 4.54% in March 2025, a fall of 0.42 percentage points year-on-year.
  While SVR rates have generally risen since 2022, 2-year fixed rates surged initially before fluctuating and showing signs of decline in recent quarters.

Individual Insolvencies Across the UK

• England and Wales recorded 28,577 individual insolvencies in Q1 2025 — 495 fewer than the previous quarter, but 2.1% higher compared with Q1 2024.

• In Scotland, individual insolvencies fell by 11% year-on-year, with 1,784 cases reported in Q4 2024.

• In Northern Ireland, there were 401 individual insolvencies in Q1 2025, representing a 9% increase year-on-year.

After falling during 2023, insolvency numbers in England and Wales have edged up slightly through 2024.