LONDON (Reuters) – UK households made rare net repayments on mortgage loans last month after a record spike in borrowing in June as home buyers rushed to take full advantage of a tax break, Bank of England data showed on Tuesday.
Net mortgage repayments were £ 1.4 billion ($ 1.9 billion) in July, for only the second time in decade that repayments have exceeded borrowing.
A Reuters poll of economists in July indicated a net increase in mortgage lending of £ 3.1 billion.
($ 1 = 0.7260 pounds)
Reporting by William Schomberg, editing by Andy Bruce