Mortgage loans in the UK hit a new all-time high.

The stamp duty holiday has had a major impact on home loans.

Mortgage borrowing in the UK has reached its highest level since modern records began as buyers rushed past the now-extended stamp duty holiday period.

Figures from the Bank of England showed that Rishi Sunak’s decision in the budget to extend the tax exemption until June did not stem a burst of activity in the housing market in March.

Although the number of new mortgage approvals fell from 87,000 to 83,000 in March, it remained above the 73,000 recorded in February 2020, the final month before the UK entered its first pandemic-induced lockdown.

The completion of the deals brought net home loans to £ 11.3 billion in March, more than in any month since the series began in 1993. With lockdown measures hitting bars, restaurants, shops, and other leisure activities, Consumers continued to repay credit card debts, with the bank reporting net repayments of £ 500 million in March.

Economists said the housing market was driven by homebuyers generally from higher income groups who had avoided the brunt of the job loss caused by the Covid-19 pandemic.

Laith Khalaf, a financial analyst at AJ Bell, said low-interest rates from the Bank of England were also helping fuel the mortgage loan boom. The Threadneedle Street rate-setting monetary policy committee is expected to keep the cost of borrowing unchanged at record levels at its next meeting Thursday.

However, he added: “Pushing your finances to the limit to borrow as much as possible has never been a great idea, but when interest rates seem like they can only go one way, it’s particularly dangerous.”

Furthermore, an update on the state of manufacturing showed that despite dealing with supply shortages, the industry had its strongest performance since the mid-1990s in April. The Markit / CIPS Final Purchasing Managers Index (PMI) stood at 60.9 last month, slightly above the initial preliminary estimate of 60.7 and well above the 50 dividing line between expansion and contraction.

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