The number of mortgage approvals in February was 26% higher than a year ago, with remortgaging up 31% and house purchase up 20%.
Richard Woolhouse, Chief Economist at the BBA, said:
“Mortgage borrowing remained buoyant in February. It appears that borrowers are continuing to try to get ahead of the increases in stamp duty for buy-to-let and second home buyers scheduled to come into effect next month.
“Consumer confidence is also robust. Households are increasingly taking advantage of low interest rates by taking on more unsecured borrowing."
Adrian Whittaker, Sales Director, New Street Mortgages, commented:
“Whilst the annual rise in lending may be in part due to borrowers seeking larger mortgages, it also highlights that more people are now looking to buy property as the market returns to a healthier state. In this new, fast-paced, sellers’ market, buyers will need all the help they can get when it comes to winning the race to buy property."