Mortgage lending fell sharply last month after the government withdrew a tax break that had helped to support the property market during the pandemic.
Net borrowing using mortgage debt tumbled to £1.6 billion in October, down from £9.3 billion in the previous month, according to the Bank of England.
The lending figure was the lowest since July, when borrowers repaid £2.2 billion of their mortgage debt, and was driven by homeowners bringing forward borrowing to September to take advantage of a reduction in stamp duty on higher-priced properties.
Gross lending tumbled to £19.3 billion last month from £30.7 billion in September, while total repayments fell to £18.2 billion from £20.6 billion. Net borrowing in October was £4.6 billion below the 12-month average for the