In December 2017, UK banks approved 36,115 mortgages, equating to £7.02bn ($9.92bn) in lending, the lowest figures for five years, according to industry analysts. The number of mortgages issued by lenders fell from a peak of 650,000 in January 2017 and was down more than half on an annual basis since then.
In December 2017, UK banks approved 36,115 mortgages, equating to £7.02bn ($9.92bn) in lending, the lowest figures for five years, according to industry analysts. It is thought 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 impact the reduction in stamp duty will have on the first-time buyers sector.