Figures show a 290% rise in mortgage borrowing, but approvals for new home purchases fell for the third month

A rush to get property purchases over the line before last month’s stamp duty rise pushed UK mortgage lending to a four-year high in March, official data shows.

Bank of England figures show that the then-imminent changes to stamp duty in England and Northern Ireland triggered a 290% surge in mortgage borrowing. Separately, Lloyds Banking Group, one of Britain’s biggest home loan providers, reported that 27 March was its busiest day ever for mortgage lending.

Continue reading…Mortgage lending figures, UK news, Bank of England, House prices, Stamp duty, Mortgages, Banking, Business, Money, Property, Real estate, Tax, Housing marketRead More

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