Young Brits’ mortgage debt ‘has doubled in ten years’

The average level of mortgage debt among people aged between 25 and 34 in the UK almost doubled within ten years, according to the latest figures.

A study by the National Centre for Social Research and the International Longevity Centre UK found that in 1995 the average mortgage debt for consumers in this age bracket stood at around £50,000, but ten years later the typical figures was close to £94,000.

Moreover, households headed by someone aged 25 to 34 in the UK had an average of around £2,400 worth of personal loan and or credit card debt in 1995, but by 2005 this figure had almost doubled.

“In terms of cash available for day-to-day living, the 25-34 age group is in a worse financial situation caused by much greater levels of debt,” authors of the study explain.

The overall debt management mountain in the UK increases by close to £1 million every four minutes, according to figures from Credit Action.