Article preview: Mortgage approvals rose by 20% last month, compared to February last year, as buyers rushed to secure mortgage deals before the original end of the stamp duty holiday. The latest Bank of England lending data shows a 10% decline compared with the borrowing levels recorded in January, but mortgage borrowing in February still exceeded that seen before the 2008 global financial crisis. With an extension to the stamp duty holiday until September announced in the Budget, it is now expected that borrowing figures will remain strong in March.
Household finances as lockdown measures ease
This 545-word blog post looks at the latest mortgage approvals and excess savings data from the Bank of England along with the Scottish Widows UK Household Finance Index into the state of household finances in the first quarter of this year. Written on 29th March 2021.
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