Mortgage lending spikes on stamp duty effect

Money

Amount borrowed hit five-year peak in February, but new approvals fell back

Mortgage lending rose to its highest level in five years in February, according to the latest data from the Bank of England.

The figures were boosted by the anticipated end of the stamp duty holiday in March. However, they showed that the number of mortgage approvals for house purchase dropped back for the third consecutive month in February, with the data reflecting the slight weakening of the market at the start of the year.

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