Mortgage borrowing increased in September, new data has shown.

Net borrowing of mortgage debt rose to the highest level since March this year, money and credit statistics published by the Bank of England have shown, in signs that Brits are rushing to buy homes before any new property taxes are announced at the Budget.

Net borrowing rose by £1.2bn to £5.5bn while mortgage approvals for house purchases also inched up in September to 65,900, continuing a trend of increases this year.

The figures indicate that the housing market is holding steady despite fears of planned property taxes in the Autumn Budget , according to analysts.

Nathan Emerson, the chief executive of Propertymark, said that the uplift in mortgage approvals is an encouraging sign that Budget fears are not slowing ho

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