Mortgage borrowing remains bouyant in February

March 24, 2016

BBA figures for the High Street Banks February 2016released today.

Gross mortgage borrowing of £13.2 billion in February was lower than in January but 33% higher than a year ago and the second highest increase since mid-2008.

The number of mortgage approvals in February was 26% higher than a year ago, with remortgaging up 31% and house purchase up 20%.

Unsecured borrowing by households is growing at around 6% per annum reflecting low interest rates and relatively strong household finances.

Richard Woolhouse, Chief Economist at the BBA, said: “Mortgage borrowing remained buoyant in February. It appears that borrowers are continuing to try to get ahead of the increases in stamp duty for buy-to-let and second home buyers scheduled to come into effect next month.

“Consumer confidence is also robust. Households are increasingly taking advantage of low interest rates by taking on more unsecured borrowing.”

The BBA is the leading trade association for the UK banking sector with 200 member banks headquartered in over 50 countries with operations in 180 jurisdictions worldwide.

To read the report in full 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

Estate Agent Talk

Roller Garage Doors: 7 Essential Buying Tips.

Roller garage doors vary in quality, design, and the components used. Recognising these variations is essential when making a purchase, as it ensures you choose a product that provides long-term benefits. Here are seven key factors to consider: 1. Environmental Impact For superior insulation, sectional garage doors may be a better option, even though roller…
Read More →
Breaking News

Glenigan Construction Index: Pockets of regional resilience, do little to offset faltering confidence

The value of underlying work starting on-site during the three months to February decreased 6% and remained 17% below 2024 levels as activity remains relatively stagnant Lowered expectations on economic recovery dent residential construction, with starts down 10% on the preceding three months, slashed by 14% against 2024 figures Non-residential project starts decreased 2% against…
Read More →
Home and Living

How to Create a Stylish and Comfortable Home Office

Creating a stylish and comfortable home office is essential for productivity and well-being. Here are key considerations to design a workspace that is both functional and inspiring:​D 1. Select an Appropriate Location Choose a quiet area in your home with minimal distractions. If a separate room isn’t available, consider converting a nook or unused space…
Read More →
Breaking News

Zoopla Rental Market Report: Rents rising at lowest level for 3.5 years

Upcoming reforms in the rental market will limit new investment and the number of homes for rent Rents rising at lowest level for 3.5 years as Zoopla warns upcoming rental reforms will continue to limit rental supply   Average UK rents for new lets are three per cent higher over the last year, down from…
Read More →
Estate Agent Talk

Commonhold White Paper – Thoughts from the Industry

The sale of new leasehold flats in England and Wales is to be banned under Labour’s plan to end the  ‘feudal’ system. Labour wants to switch to Scotland’s commonhold system There are around 5 million leaseholders in England and Wales. Under commonhold, each flat owner would own the freehold of their home, but also have…
Read More →
Breaking News

Greenpeace Ruling Exposes UK Government Policy

In January 2025, Greenpeace brought a collective action against the Dutch state for failing to comply with a 2018 European Court of Justice ruling on nutrient neutrality. An appeal is expected: however, as the UK Government has adopted the same ‘tax builders for pollution others cause’ approach to reducing nutrient pollution, it may find itself…
Read More →