Mortgage borrowing fell significantly in April, by 72%, according to the latest Bank of England figures.

Individuals borrowed an additional £3.3bn secured on their homes, following a record £11.5 billion in March.

This was also lower than the £5.7bn monthly average borrowed in the six months to February 2021.

However, the Bank noted that this fall reflected ‘the reduction in the stamp duty tax, which was initially expected to end in March, but has now been extended to the end of June’.

Despite weaker net lending, both gross lending and repayments remain above levels seen since the start of 2020.

There were 86,900 mortgage approvals for house purchase in April, up from March (83,400) but lower than the recent peak of 103,400 in November 2020. Approvals for remortgage were broadly unchanged at 33,100.

Charlotte Nixon, mortgage expert at Quilter, said: “Mortgage borrowing cooled off considerably in April, down 72% on the previous month to £3.3bn after the rush to secure mortgage deals in March before it was expected that the stamp duty holiday would end.

“Now the tax holiday has been extended to the end of June, the stampede for property has calmed somewhat.”