According to the report from Bank of England, the net mortgage borrowing reached a record high of £17.9 billion in June, just before the lower stamp duty rates began to taper off from July. Mortgage approvals for house purchase were 81,300 in June, down from 86,900 in April.

Consumers borrowed £0.3 billion as consumer credit, on net. The effective rate on new personal loans remained low at 5.67%, compared to 7.03% in January 2020.

Households’ net flow in to deposit accounts increased in June, to £9.8 billion. Deposit interest rates continued to fall slightly to new historically low levels.

Large businesses borrowed £0.8 billion from banks in June, whilst small and medium sized businesses repaid £0.3 billion. Private non-financial companies redeemed £0.8 billion of finance from capital markets in June, compared to a monthly average net issuance of £3.3 billion since March 2020.