1/31, 10:41 AM (Source: TeleTrader)
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UK mortgage approvals sink to 35,600 in December

Mortgage approvals for house purchases across the United Kingdom plunged by over 20% in December compared to the previous month to land at 35,600, reaching the lowest level since May 2020 after making the fourth consecutive decrease.

According to a report published by the Bank of England on Tuesday, today's data showed the worst reading since the 2008 financial crisis, excluding the coronavirus pandemic. Net borrowing of the mortgage debt by individuals went down to £3.2 billion, with the effective interest rate going up to 3.67%.

Consumers borrowed an additional £0.5 billion in consumer credit, while households deposited an additional £3.9 billion with banks and building societies.

Baha Breaking News (BBN) / ND