LONDON (CU)_In July last year, the government of the United Kingdom raised the level at which tax on property purchases to be paid from £125,000 to £500,000. The move was a part of the efforts to support buyers whose finances were affected by the pandemic, as well as to boost the property market that was grappling from the effects of lockdown.
Accordingly, in September, homebuyers raced against the clock to take advantage of the tax break, which was due to be terminated by the end of the month. This was reflected in the number of new home loan approvals that month, which reached its 14-month low, data issued by the Bank of England on Friday (29 October) showed.
According to the central bank, the number of new mortgages granted by British banks and building societies in September reached…
