British banks approved more mortgages in January than in any month since September 2007, just after the start of the financial crisis, data showed on Monday, fueling concern that the housing market may be overheating.
Mortgages for homes purchases rose to 49,972 in January, the highest level since September 2007, from 47,086 in December, the British Bankers’ Association said.
BBA data does not include lending by building societies, which are included in Bank of England data released the following week.
“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,” BBA Director of Statistics David Dooks said about the data.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.