UK mortgage approvals hit a 15-month low in November due to the Bank of England raising interest rates for the first time in more than a decade, according to UK Finance.
Banks approved 39,507 mortgages for house purchase in November, down from 40,417 in October and 5 per cent fewer than in November 2016, the trade association added.
According to a recent Reuters poll of economists, house prices will rise little more than one per cent in 2018, with London prices set to fall for the first time in eight years.
Towards the end of November stamp duty was abolished for first-time buyers on properties worth up to £300,000.
The number of mortgage approvals is expected to recover once December’s figures are published.
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