Mortgage Borrowing Hits Record High Of £17.9bn In June

Net mortgage borrowing reached a record high of £17.9 billion in June, just before the lower stamp duty rates began to taper off from July, according to the Bank of England. The previous record, in March 2021, was £11.5 billion, and borrowing has averaged £5.4 billion in the 12 months to May 2021. The Bank says its figures suggest there has been a shortening of time between a mortgage being approved and the lending itself, as there was no large rise in the number of mortgage approvals in recent months, unlike ahead of the strong net borrowing in March. Read more on the Financial Reporter website.

https://www.financialreporter.co.uk/mortgages/mortgage-borrowing-hits-record-high-of-179bn-in-june-boe.html 

Mortgage Lending Hits Record Amid Stamp Duty Rush

Mortgage borrowing in the UK has reached its highest level since modern records began as buyers rushed to beat the now-extended stamp duty holiday deadline. Bank of England figures showed that Rishi Sunak’s decision in the budget to extend the tax break until June did not dampen a burst of activity in the housing market in March. Although the number of new mortgage approvals dropped from 87,000 to 83,000 in March, they remained higher than the 73,000 recorded in February 2020, the last month before the UK went into its first pandemic-induced lockdown. Read more on the Guardian website.

UK mortgage lending hits record amid stamp duty rush | Mortgages | The Guardian