Buying frenzy as stamp duty holiday deadline looms
UK mortgage borrowing has hit a record high as buyers rush to beat the now-extended stamp duty holiday deadline.
The latest figures from the Bank of England showed that Rishi Sunak’s decision in the Budget to extend the current tax break until June helped maintain high levels of demand for property.
Although the number of new mortgage approvals dropped from 87,000 to 83,000 in March, they remained higher than the 73,000 recorded pre-lockdown in February last year.
The completion of deals took net mortgage lending to £11.3bn in March – the highest mothly tally since the series began in almost 30 years ago.
John Phillips, national operations director at Just Mortgages and Spicerhaart, said: “This year has been unprecedented in terms of the volume of mortgages, and March was possibly the peak in an impressive climb. Partially driven by a desire to beat the initial stamp duty deadline, we’ve had a continuous stream of clients looking for mortgages in the first quarter of 2021.”
Jonathan Sealey, CEO at specialist lender Hope Capital, commented: “Everybody expected the stamp duty holiday to …
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