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News - 28 March 2012

Cautious consumers pay off debt

The figures, from the British Bankers' Association (BBA), showed a slowdown in activity in activity fell in the mortgage market in February compared with the previous month.

It said remortgaging levels were at their lowest for 13 years.

The figures also show that consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by £305m in February and that unsecured lending by the banks contracted by 1.8% in the 12 months to February.

In the housing market, gross mortgage lending by the banks stood at £7.9bn in February, which was 1.9% lower than the same month a year earlier.

With interest rates set to stay at low levels for some time, the number of remortgaging approvals dropped to its lowest level for 13 years at 18,147.

The number of mortgages approved for house purchases also fell to 33,103 in February. The average mortgage approved was £146,600.

The BBA said that there had been a jump in activity at the start of the year as first-time buyers tried to get on the property ladder before a 1% stamp duty charge for homes valued between £125,000 and £250,000 is reintroduced on Saturday.

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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