Significant rise in Mortgage approvals in January

February 25, 2016

According to a news release out yesterday from the BBA, it mentions a significant rise in mortgage borrowing at the start of this year, the BBA is the UK’s leading association for the banking sector.

The figures in the release showed.

The number of mortgage approvals in January was 33% higher than a year ago, with remortgaging up 42% and house purchase up 27%.

Gross mortgage borrowing of £13.6 billion in January was 38% higher than a year ago and the highest since mid-2008.

Richard Woolhouse, Chief Economist at the BBA, said: “The start of the year has seen a significant rise in mortgage borrowing. It seems that this has been driven, in part, by borrowers looking to get ahead of the increases in stamp duty for buy-to-let and second home buyers scheduled to come into effect in April.

“Net lending to non-financial companies saw the biggest monthly jump since July 2008 as businesses take advantage of record low interest rates. Demand from the transport, storage and communication and construction sectors was particularly strong.”

 

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.

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