Mortgage approvals in March are up.

April 26, 2016

The British Bankers Association today released March 2016 figures for the High Street Banks.

 

Gross mortgage borrowing of £17.1 billion in March was 64% higher than a year ago and the highest borrowing since April 2008 following a reported sharp increase in purchase of buy-to-let and second homes, ahead of the increase in stamp duty on 1 April 2016.

The number of mortgage approvals in March was 20% higher than a year ago, with remortgaging up 25% and house purchase up 14%.

Dr Rebecca Harding, Chief Economic Advisor at the BBA, said:

“A surge in buy-to-let and second home buying ahead of the new stamp duty surcharge in April led to a sharp rise in March’s gross mortgage borrowing as people brought transactions forward.

“For households more widely, consumer credit continues to grow above real earnings growth, as improving consumer confidence and low interest rates combine to stimulate borrowing demand for personal loans, cards and overdrafts.

“Business borrowing is moderating within distribution, manufacturing, food and accommodation sectors, as large corporates use capital markets for their funding and both large and small businesses continue to build up deposits”.

To read the full BBA report March 2016 click here

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Top tips to make your home winter-ready for a successful sale

Following the festive period, many people turn their thoughts and attention to potential new year property aspirations. Traditionally, record numbers of people jump onto property-related websites after Christmas and into the New Year, so it’s a great time to consider marketing your home, knowing there are tens of thousands of extra people seriously considering a…
Read More →
Breaking News

Propertymark Annual Sales Price Report 2025

With housing being a fundamental need and playing a vital role in the UK economy, a strong housing market is a vital factor, this report examines the strength of the housing market and looks at average prices year on year. Headline figures The entire of 2024 vs 2025 The number of properties placed for sale…
Read More →
Breaking News

Lloyds reveals its 2025 housing hot spots

Plymouth property prices up +12.6% over the past year   Hull joins the top 10, up +6.5%, and fresh from being named a 2026 ‘Best of the World’ destination by National Geographic   Value of a London home dipped slightly (-0.1%) but remain the most expensive overall, averaging £574,514   Amanda Bryden, Head of Mortgages…
Read More →
Breaking News

2025: A landmark year for UK renters and homebuyers – what consumers need to know

From major rental reforms to new powers tackling unsafe or empty buildings, 2025 has become one of the most transformative years for housing across the UK. Whether renting, buying, or managing a property, millions of people will feel the effects of the changes rolling out nation by nation. Propertymark has broken down what these changes…
Read More →
Estate Agent Talk

Are ‘for sale’ boards becoming obsolete?

Earlier this year, Westminster Council announced that it would apply to ban estate agents from displaying sales boards outside residential properties in the local area; now, Epping Forest Council is the latest to follow suit. With this in mind, Jack Malnick, Property Expert and Managing Director at Sell House Fast has shared his thoughts on…
Read More →
Christmas Decorations - Good or Bad for Selling
Breaking News

A More Affordable Christmas for Homebuyers

The latest research from award-winning mortgage adviser, Alexander Hall, has revealed that – despite the government failing to leave any affordability-focused initiatives under the tree in the recent Autumn Budget – this Christmas is shaping up to be a far more positive one for the nation’s homebuyers, as borrowers entering the market today are benefitting…
Read More →