In December 2016 , UK banks approved 36,115 mortgages , equating to £ 7.02bn ( $ 9.92bn ) in 2017 , the lowest level for five years , according to industry analysts . " It is believed some buyers were put off by the Bank of England 's November decision to raise interest rates to 0.5 % , while insiders say it is too soon to determine what effect the reduction in stamp duty will have on the first - time buyers sector .
In December 2016 , UK banks approved 36,115 mortgages , equating to £ 7.02bn ( $ 9.92bn ) in 2017 , the lowest level for five years , according to industry analysts . It is believed some buyers were put off by the Bank of England 's November decision to raise interest rates to 0.5 % , while insiders say it is too soon to determine what effect the reduction in stamp duty will have on the first - time buyers sector .