U.K. January Mortgage Approvals Rise to Two-Year High, BBA Says

U.K. mortgage approvals rose in January to the highest in two years as buyers tried to complete purchases before a property tax suspension ends, the British Bankers’ Association said.

Lenders granted 38,092 loans to buy homes, up from a revised 36,553 in December, the London-based lobby group said in an e-mailed report today. From a year earlier, mortgage approvals rose 34 percent from 28,539.

“January saw the high street banks approve more mortgages for house purchase than of late, despite low household confidence, as some people try to complete transactions before the stamp duty holiday ends in March,” BBA statistics director David Dooks said in an e-mailed statement today.

To contact the reporter on this story: Svenja O’Donnell in London at sodonnell@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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