Loans are going into single figures

Singletons" are now the fastest growing type of mortgage holder accounting for 40% of all loans, according to new research.

Mortgage broker Charcol and the Council of Mortgage Lenders estimate that single people will borrow £42.7bn this year and that this could leap a further 16% in the next five years. They are predicted to overtake joint borrowers by 2023.

The number of households with just one occupant has risen by 13% in the past 15 years and this is having a dramatic effect on both the housing market and spending patterns.

In a survey conducted by Capital Economics, 81% of single borrowers said they chose to do so for financial security and not out of necessity. The fact that they buy smaller properties has contributed to the spiralling cost of flats.

But the singleton lifestyle is also affecting how spare cash is spent. A survey published this week found that the proportion of income spent on eating out has overtaken that spent on the monthly supermarket shop. The average UK household now spends £202 a month on groceries but £207 on eating out.