UK mortgage demand at highest in 13 years despite Covid crisis

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Stamp duty cut contributes to property boom but Britons cautious about credit card debt

Mortgage approvals reached their highest level in 13 years last month as tighter Covid-19 restrictions failed to dent strong demand for home loans.

New figures from the Bank of England showed there were 97,500 loans approved by lenders in October – the highest figure since September 2007, the month at the start of the financial crisis when queues formed outside branches of Northern Rock.

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