UK Net Mortgage Borrowing Reaches Record High in ‘Red Hot’ Housing Market

UK Net Mortgage Borrowing Reaches Record High in ‘Red Hot’ Housing Market
Rows of larger houses are shown in London on Aug. 5, 2020. Dan Kitwood/Getty Images
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UK homeowners are borrowing at record high levels to take advantage of the stamp duty holiday and low interest rates, new official figures have revealed.

According to statistics released by the Bank of England on Tuesday, net mortgage borrowing reached £11.8 billion ($16.4 billion) in March, the highest figure since records began in 1993.