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Record rise in UK mortgages after extended tax relief




LONDON (Reuters) – UK mortgages posted the largest net increase on record in March after Finance Minister Rishi Sunak extended a tax cut on property purchases, data from the Bank of America showed on Tuesday. England.

FILE PHOTO: Advice from estate agents is posted in Apsley, Hertfordshire, Great Britain October 12, 2020. REUTERS / Matthew Childs

Mortgages increased by a net £ 11.8 billion ($ 16.4 billion) in March, the largest increase since the series began in April 1993, the BoE said.

UK lenders approved 82,735 mortgages in March, down about 5,000 from February and a recent high of over 103,000 in November, according to BoE data.

A Reuters poll of economists had reported 92,300 approvals.

The UK housing market rebounded strongly after the first coronavirus foreclosure in the spring of 2020 and Sunak announced on March 3 that it was extending the stamp duty property tax cut for buyers.

The first 500,000 pounds of any real estate purchase in England or Northern Ireland will remain exempt from stamp duty until the end of June, and there will be a duty free deduction of 250,000 pounds until the end of June. month of september.

Mortgage lender Nationwide said last week that UK home prices jumped 2.1% in April, their biggest monthly increase in more than 17 years.

BoE data released on Tuesday showed unsecured consumer loans to be 8.6% lower than in March 2020. Britain’s first lockdown against the coronavirus began in late March 2020.

A net repayment of £ 0.5bn in March 2021 was lower than the average repayment of £ 1.9bn over the past year, the BoE said.

(1 USD = 0.7205 pounds)

Reporting by William Schomberg and David Milliken

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