Mortgage lending rose to its highest level on record in March, surpassing even the levels seen in the housing boom prior to the global financial crisis, according to the latet official figures.

The Bank of England said gross mortgage lending hit £35.6bn in March, as buyers and estate agents timed the completion of sales to hit the initial 31 March cut-off for the stamp duty holiday on properties worth less than £500k. This was a rise of 26% on the figure in February.

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