The average debt on a UK property has risen sharply since the beginning of the financial crisis, according to new figures.
Office for National Statistics (ONS) figures released yesterday (May 13th) show that the median outstanding mortgage has increased from £70,000 in 2006-08 to £75,000 in 2008-10.
This rise in outstanding mortgages also came with a reduction in the number of people who were concerned about their debt levels.
Of those asked by the ONS whether they saw their mortgage debts as a heavy burden, only 13.6 per cent agreed, down from 15.2 per cent in 2008.
The number of people who stated they were coping with debts easily rose from 46.9 per cent in 2008 to 49.5 per cent in 2010.
There was, however, a large regional bias in the results, with debt concerns in London falling dramatically by more than four per cent, whereas the north-east saw a rise of around five per cent.
Wales was the only other area of the UK to see a rise in mortgage debt concern – with levels rising by more than one per cent.
