Lending to British property buyers has hit its highest level since the Great Recession took hold in mid-2008.
Mortgage lending in January soared 38% compared to the same month in 2015, reaching £13.6bn, according to the British Bankers’ Association.
The loans were requested and made against a backdrop of turmoil on the stock market and uncertainty over the health of the global economy.
“Our impression of the mortgage market for January and what we’ve seen so far in February would indicate that the market is active, we’re not seeing any signs at all of consumers taking a rain check at the moment,” said Peter Hill, chief exec at the Leeds Building Society.
The society said new lending went up 15% last year and its pre-tax profits rose 19%, setting a new record for the lender.
Last year the UK’s general election slowed house sales and mortgages for a time, according to Mr Hill, who thinks the EU referendum could do the same but without denting the market too heavily.
One factor propelling the property boom could be the increases in stamp duty for buy-to-let and second homes scheduled for April and buyers who wish to beat the clock.
