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London’s Million-Pound Homes Boost Take-Up of Mortgages

U.K. capital leads increase in pricey homes bought with a loan

More home buyers are resorting to mortgages to purchase London’s priciest houses and apartments. Almost three quarters of homes in the U.K. capital costing 1 million pounds ($1.3 million) or more were bought with a mortgage in the three months through July, up from 65 percent a year earlier, according to Hamptons International. Rising prices and higher stamp-duty rates are helping drive the trend across the country.

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