UK mortgage approvals hit a 13-year high in August as the housing market extended its tax-cut fuelled mini boom.
Lenders signed 84,700 home-loan agreements, the most since October 2007, the Bank of England said on Tuesday. Demand for unsecured credit slowed from July.
The surge in approvals reflects homebuyers seeking to tie up deals after Chancellor Rishi Sunak waived tax on first $642,000 of any property purchase as part of a plan of stimulus measures announced in July.
Real-estate agents are warning, though, that the boom could prove short-lived,
with unemployment expected to surge later this year as
government wage subsidies are
significantly scaled back.