According to the Bank of England, net mortgage borrowing by individuals in the UK increased sharply by £9.7 billion to £13.0 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February.

Babek Ismayil, Founder and CEO of homebuying platform OneDome, commented: “The surge in mortgage lending in March shows the stampede by buyers ahead of the Stamp Duty concession ending, with gross lending hitting its highest level since mid-2021. But this spike masks a deeper issue. Mortgage approvals for new purchases fell for the third month in a row, suggesting the pipeline of fresh demand is thinning.”