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The number of mortgage approvals for new property purchases have increased significantly to the highest point since September 2007, according to figures from the British Bankers’ Association (BBA).

The BBA says last month’s borrowing figure of £10.8bn was 38% higher than in the same month last year, although January was slightly down on December.

BBA statistics director, David Dooks said: “Following on from last month, mortgage borrowing continues to rise compared to a year earlier as mortgage assistance schemes help first time buyers and housing chains more generally.

“Credit card spending is also on the rise, showing that consumer confidence in the economy continues to improve.”

February 28, 2014

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