The latest Bank of England Quarterly Bulletin for the 4th quarter of 2009 was published earlier this week and showed that some 40 % of homeowners owe more than £90,000 in secured debt. The number of home owners who owed more than £90,000 in secured debt has risen 35 per cent since the mid-1990s.
NMG Research carried out a survey of nearly 2,500 households on behalf of the Bank of England looking at the financial position of British households.
The survey also recorded a further 15 per cent of home owners owed over £150,000 in secured debt.
The total amount of debt owed by UK households reached almost £1.6tn by Q2 2008, which works out at £60,000 per household.
The research concluded: "There was evidence that more households were finding their debts to be a burden to them than was the case in previous NMG surveys.
For more information see http://www.bankofengland.co.uk/publications/quarterlybulletin/n08.htm