The latest Bank of England research indicates that the level of net mortgage borrowing that took place throughout June was a new record for a single month.
According to the new credit and money report published by the Bank of England, June saw a net mortgage borrowing total of £17.9 billion. This is the second month in 2021 in which a new record monthly total for mortgage borrowing has been set, but the figure for June was significantly greater than the previous record of £11.5 billion, which was set during March.
When it comes to getting property purchases approved, the data in the report shows that there was a drop in these figures between May and June. For May, there were 86,900 property purchases approved, while by the end of June, this had dropped to 81,300.
This marks the lowest total for property purchase approvals for a single month since July of last year. The bank has pointed out that there appears to have been a reduction in the period between mortgage loan approvals and the actual lending process.
Jeremy Leaf, an estate agent in North London, told Mortgage Strategy that the figures showed buyers looking to complete deals before the end of the stamp duty holiday, adding:
“We will be looking very closely at the next set of figures for mortgage approvals in particular as they always provide a useful direction of travel for the market.”
CeMAP courses have risen in popularity due to the 2021 boom in the housing market.