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."