Stay informed with free updates
Simply sign up to the UK property myFT Digest — delivered directly to your inbox.
UK mortgage approvals unexpectedly fell in November, interrupting a steady improvement in activity earlier in the year.
Net mortgage approvals — approvals net of cancellations — for house purchases declined by 2,400 to 65,700 in November, data from the Bank of England showed on Friday.
That was well below the increase to 68,500 forecast by economists polled by Reuters.
Mortgage approvals fell sharply over 2022 and 2023 as high mortgage rates hit prospective buyers, but increased in 2024 as borrowing costs declined.
On Thursday, data from the mortgage provider Nationwide showed that UK house prices rose at an annual rate of 4.7 per cent in December, the fastest annual pace since October 2022.
This is a developing story
