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UK mortgage approvals at highest level in 13 years



UK mortgage approvals have risen to the highest level in 13 years, driven by the government’s stamp duty holiday and buyers reassessing their living situation during the coronavirus pandemic.


Figures from the Bank of England showed the number of mortgages approved by banks and building societies for home purchases had leapt to 105,000 in November – the highest figure since August 2007, the month immediately before queues formed outside branches of Northern Rock at the start of the financial crisis.


Threadneedle Street said the number of monthly approvals had increased by 7,700 on October’s level, reflecting a boom in the mortgage market during the month when rapid growth in Covid infections led the government to impose a second national lockdown in England.


Figures from the Bank also showed households repaid £1.5bn of credit card debt, personal loans and car finance in November, in a reflection of weaker consumer spending during the second national lockdown and some households in which people work from home being able to save money.


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Information taken from The Guardian

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