The British Bankers Association (BBA) published its latest figures for high street banks which show that:
- Gross mortgage borrowing increased 24% from the previous year to £12.4 billion (with overall new billing in 2015 higher than the previous year).
- Mortgage approvals increased 24% from the previous year, along with re-mortaging up 31% and house purchase up 19%.
- There were 262 million credit card purchases in December, which represented a decrease in aggregate value from £14.2 billion in December 2014 to £13.7 billion.
Commenting on the figures, Richard Woodhouse, Chief Economist at the BBA, explains how it was a strong year for household borrowing. In relation to the decline on the amount spent on credit cards, he comments that consumers seemed less reliant on credit cards to fund purchases last month.