Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on the Bank of England's Money and Credit Mortgage data for June 2021

“This record borrowing has totally eclipsed the previous high set only three months earlier, and was the result of a perfect combination of pent-up demand, the race for more space and the stamp duty holiday.

“June’s financing levels were substantially higher than in March, the original stamp duty deadline, indicating that the scheme’s extension gave many buyers the breathing space they needed to complete their house move in time to achieve the savings.

“Stamp duty savings have started to taper off and approvals have dipped slightly. We could see yet another rush of sales ahead of the end of the stamp duty savings coming to an end in September, but home finance is unlikely to get close to what we saw in June.”