The British Bankers’ Association (BBA) has published its March 2016 figures for the high street banks. In summary the figures reveal that:
- In anticipation of the stamp duty surcharge, there has been a surge in buy-to-let and second home buying. Gross mortgage borrowing in March was up 64% compared to a year ago and the highest borrowing since April 2008.
- The number of mortgage approvals in March was 20% higher than a year ago, with remortgaging up 25% and house purchase up 14%, whilst unsecured borrowing by households is growing at around 6% per annum reflecting low interest rates and relatively strong household finances.
- Consumer credit has also increased due to improving customer confidence and low interest rates stimulating personal borrowing demand.