UK mortgage demand at highest in 13 years despite Covid crisis

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

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

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.