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One-in-five Londoners have taken on new debt in past six months

·2-min read
 (Pixabay)
(Pixabay)

Nearly one-in-five Londoners say they have taken on new debts since the start of 2021, yet around one-in-nine claims to have overpaid on their mortgage over the same period.

The findings are part of quarterly research commissioned by the life insurance broker, LifeSearch, into the health, wealth and happiness of the UK population.

LifeSearch’s Health, Wealth & Happiness Study reported that 18% of Londoners had taken on new debt worth an average of £307 a month since the start of the year. By comparison over the same period, 14% of Brits elsewhere around the UK said they had taken on new debt worth an average of £208 per month.

But while Londoners might be more likely to take on debt this year, others living in the Capital have been quicker to pay it off.

According to LifeSearch, 11% of Londoners said they had overpaid on their mortgages by an average figure of £365 per month since the start of 2021. This compared with just 7% of Brits overpaying on their home loans by £319 per month around the rest of the UK.

When it comes to saving, more than one-in-three Londoners (37%) said they had managed to put cash aside worth £400 per month on average since the start of the year. This compared with 39% of Brits elsewhere who saved £281 per month on average.

In terms of repaying their debts, around one-in-eight Londoners (12%) said they had managed to clear an average of £322 per month since the start of 2021. The proportion was slightly less than the one-in-seven (14%) Brits who claimed to have done so around the rest of the UK.

Emma Walker, chief marketing officer at LifeSearch, said: “While the record levels of household savings seen in 2020 have fallen as spending has recovered, we’ve found that a significant number of people are still choosing to save, overpay on their mortgage, and repay debts, particularly among Generation Y.”

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