Estimates recently published in the ONS’ survey on ‘Families and Households: 2017’ show that the number of families in the UK have increased by 8.1% over the last ten years to 18,997,000.
Married couples and those living in civil partnerships are the most dominant group, with civil partnerships driving the growth of this group, increasing by 66.7% (versus 4.8% for married couples) particularly at younger age groups.
14 million dependent children are currently estimated to be living in families in the UK. It is, however, families with no children or no dependent children that were more common. Some 6.6 million (40%) 15-34 year olds live with their parents.
The ONS suggests that the larger numbers of young adults tending to stay at home for longer may be explained by staying in education and training for longer, formalising relationships and having children at older ages, and increased costs in renting or buying a home.
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Economic News 24 September 2015
At its meeting in early September, the Bank of England’s Monetary Policy Committee (MPC) voted to hold interest rates at 0.5 per cent by an eight to one majority; Ian MacCafferty was the dissenter who voted for an increase in the interest rate by 0.25 per cent. Andy Haldane, the Bank of England’s economist and another of the nine MPC members, voted to maintain the interest rate but has recently been expressing concerns about the disinflation and deflation recorded around the globe and has suggested that a cut in interest rates may be needed to combat low inflation. Other members, however, including Martin Weale and Kristin Forbes, have indicated their belief that interest rates will need to rise sooner rather than later.
Just a few days after the MPC meeting, the Office for National Statistics (ONS) announced that the UK’s inflation rate fell to zero per cent in August, down from July’s rate of 0.1 per cent, apparently due to a smaller rise in clothing prices from a year ago and cheaper fuel prices. The Retail Prices Index (RPI) measure of inflation rose to 1.1 per cent from 1.0 per cent in July.
Hard on the heels of that news, the ONS further reported that the unemployment rate for the May to July quarter was 5.5 per cent, unchanged from the previous quarter but down from 6.2 per cent last year. It also announced that average earnings grew by 2.9 per cent between May and July compared with the same period last year – some analysts have speculated as to whether this news might bring forward a hike in the interest rate.
Meanwhile, The British Bankers’ Association (BBA) reported a pick-up in mortgage activity in August, believed to be due to expectations that an interest rate rise was in the offing. 80,221 home loans were approved by the major High Street banks of which more than half were for house purchases, while remortgaging accounted for 32 per cent of the loans, the highest level for four years.
Seasonally adjusted figures from HM Revenue and Customs (HMRC) show that 106,480 homes were sold during August, more than in any month since February 2014; it is the third month in a row that sales of more than 100,000 were recorded.
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