UK House Prices – Latest News – Forbes

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Mortgage Borrowing Plummets In Wake Of Stamp Duty Change Mortgage borrowing stood at £1.6 billion in October, the lowest since July 2021Mortgage approvals for house purchase fell to 67,200 in October from 71,900 in September

Figures out today from the Bank of England show a steep decline in mortgage borrowing in October to £1.6bn. This compares to £9.3bn in September and is the lowest since last July, when a net amount of £2.2bn of mortgage debt was repaid.

According to the Bank, October’s decrease was driven by borrowing being brought forward to September to take advantage of stamp duty land tax relief before it completely tapered off in England at the end of the month.

Approvals for house purchases fell to 67,200

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