The BBA has recently published its High Street Banking Statistics for January 2016 and they confirm that mortgage borrowing is now at its highest since 2008. Key points to consider are:

• Gross mortgage borrowing hit £13.6 billion in January and was 38% higher than a year ago and the highest since mid-2008.
   
• The number of mortgage approvals in January was 33% higher than a year ago, with remortgaging up 42% and house purchases up 27%.
   
• Borrowing by non-financial companies increased fairly rapidly in January, after declining in December, particularly in the transport, storage, communication and construction sectors.
   

Richard Woolhouse, 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.

'Net lending to non-financial companies saw the biggest monthly jump since July 2008 as businesses take advantage of record low interest rates. Demand from the transport, storage, communication and construction sectors was particularly strong.'