On 26 August 2015, the British Bankers’ Association (BBA) published its July High Street Banking statistics that show data which remains consistent with a UK recovery that has been fairly household-led.
- Mortgage approvals were 15% higher in July than a year ago, with house purchases 11% higher and remortgaging nearly 29% up. Remortgaging is at its highest level for 4 years, as borrowers continue to lock in fixed rates to maintain control of their mortgage costs.
- The demand for credit card borrowing has increased. The number of credit card purchases in July was 6% than a year ago.
- There are signs of pick-up in broader corporate lending. In Q1 2015, business investment rose by 2%. Bank lending outside the real estate sector is strong and total financing (bank and bond financing) is up by £11.1 billion since the beginning of 2015.
- A recovering banking sector, supported by persistently low interest rates, continues to underpin activity across all sectors.
For the July figures click here.