The British Bankers Association (BBA) has published its January 2016 figures for the high street banks.
Key statistics include:
- Gross mortgage borrowing was up 38% on January 2015, at £13.6bn - the highest since mid-2008.
- Mortgage approvals were up 33% on January 2015, with remortgaging up 42% and house purchase up 27%.
- Borrowing by non-financial companies increased in January, after being in decline in December.
- Credit card use continues to rise, with 200 million purchases made in January totalling £11.4bn.
Commenting on activity at the start of the year, 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."