{"id":1209,"date":"2016-03-01T12:26:03","date_gmt":"2016-03-01T12:26:03","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1209"},"modified":"2016-03-01T12:26:03","modified_gmt":"2016-03-01T12:26:03","slug":"colossal-rise-in-consumer-credit-and-mortgage-approvals-says-bank-of-england-data","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/colossal-rise-in-consumer-credit-and-mortgage-approvals-says-bank-of-england-data\/","title":{"rendered":"Colossal rise in consumer credit and mortgage approvals, says Bank of England data"},"content":{"rendered":"<p>Recent figures from the Bank of England revealed that British consumers borrowed a colossal \u00a31.6 billion in January 2016 \u2013 representative of the second-highest level on record in more than ten years.<!--more--><\/p>\n<p>The Bank of England found that consumer credit had risen by 9.1% year-on-year.<\/p>\n<p>The figures released came close to record numbers reported back in November 2015 \u2013 which were the largest on record since June 2005.<\/p>\n<p>The rise in borrowing coincided with the January sales period, which saw Britons &#8220;rediscover their zeal for borrowing&#8221;, according to chief UK economist at Pantheon Macroeconomics, Samuel Tombs.<\/p>\n<p>The trend mirrored consumer borrowing in November 2015, when the heavily publicised \u2018Black Friday\u2019 sales encouraged spending, and unsecured lending climbed to its highest level in more than a decade.<\/p>\n<p>High street clearance sales clearly had a heavy influence on borrowing hikes, but the Bank of England also reported that the number of people taking out mortgages hit a two-year high in January of this year \u2013 with a total of almost 75,000 mortgages approved.<\/p>\n<p>The Royal Institution of Chartered Surveyors (RICS) and the Council of Mortgage Lenders (CML) have predicted that buy-to-let landlords are rushing to buy property ahead of 3% second-home stamp duty changes due to take effect from April 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent figures from the Bank of England revealed that British consumers borrowed a colossal \u00a31.6 billion in January 2016 \u2013 representative of the second-highest level on record in more than ten years.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1209"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1209"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1209\/revisions"}],"predecessor-version":[{"id":1210,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1209\/revisions\/1210"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}