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The United Kingdom’s mortgage approvals in May rebounded, suggesting the housing market remained resilient despite changes in the tax system, industry figures showed on Friday.
The British Bankers Association (BBA) said 42,187 house-buying mortgages were offered in May, up from 39,967 in April. That is still lower than the 23-month high of 46,343 approvals in January and is down 2.4 percent compared to the same month a year ago.
"Mortgage approvals have bounced back following the sharp drop in April, caused by the initial reaction to the stamp duty surcharge," BBA chief economist Dr Rebecca Harding said.
Gross mortgage borrowing was 10 percent higher than May 2015 at £12bn (€15bn; USD16.7 billion), while net borrowing was up 3 percent. Britain introduced an extra tax on investors buying properties in order to rent them out as the government sought to address a shortage of homes for owner-occupiers.
Figures from the BBA and mortgage lenders showed an increase in demand after the tax was announced in November as investors sought to buy properties ahead of the new tax.
"The main help to the housing market is likely to come from the very real prospect that the Bank of England could cut interest rates and also the heightened probability that interest rates will remain extremely low for a prolonged period," Harding added.
