UK mortgage borrowing soars to £4.8b, a 13-year highBusiness | 29 Oct 2020 8:19 pm
The number of new mortgages approved in the UK has hit a 13-year high, The Guardian reports.
New Bank of England figures show that 91,500 loans for house purchases were approved in September, the highest since September 2007.
This suggests that the current stamp duty holiday, and pressure to move to larger properties since the lockdown began, is still fuelling demand.
Net mortgage borrowing jumped too, to £4.8 billion in September, up from £3 billion in August.
The Bank says that mortgage approvals have jumped strongly since the UK’s spring lockdown ended:
The number of mortgage approvals for house purchase continued increasing sharply in September, to 91,500 from 85,500 in August. This was the highest number of approvals since September 2007, and is 24% higher than approvals in February 2020.
Approvals in September were around 10 times higher than the trough of 9,300 approvals in May.