–Adds Detail To Version Transmitted At 0930 GMT
–UK BBA: Jan Sa Mortgage Approvals 38,029 Vs 36,553 Dec
LONDON (MNI) – January mortgage approvals rose to their highest
level since December 2009, with re-mortgaging continuing to decline,
according to latest British Bankers’ Association data.
The data add to a raft of evidence of a pick-up in housing market
activity. The number of approvals for house purchases in January rose to
38,092 in January, up from 36,553 in December and the highest reading
since the 46,527 posted in December 2009.
Remortgaging approvals fell to 21,129 in January from 21,192. The
gross value of loans fell to stg8.263 billion from December’s stg8.896
billion. The net change in the amounts of mortgage lending outstanding
was stg691 million.
The BBA, as had other mortgage lenders and estate agents, cited the
looming end of the stamp duty (property transaction tax) holiday in
March for the pick-up in activity, suggesting it may prove transient.
“January saw the high street banks approve more mortgages for house
purchase than of late, despite low household confidence, as some people
try to complete transactions before the stamp duty holiday ends in
March. Demand for unsecured personal borrowing remains low as consumers
continue to repay debt,” David Dooks, the BBA’s statistics director,
said.
Seasonally adjusted credit card borrowing rose just stg38 million,
while personal loans and overdrafts declined by stg275 million.
–London Bureau; Tel: +4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
