Mortgage approvals rise sharply in rush to escape Britain’s cities

Dramatic rise in August upends what is usually a quiet month in the property calendar

Mortgage approvals leapt in August to their highest monthly level for nearly 13 years, driven by the pandemic and a rush to buy homes outside Britain’s large urban centres.

Ultra low borrowing rates and the government’s stamp duty holiday on home purchases, due to expire next March, also helped to push mortgage approvals from 66,300 in July to 84,700 in August, according to Bank of England figures, their highest level since October 2007.

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