Mortgage approvals are hit by low consumer confidence

THE number of mortgages approved by the UK banking sector fell faster than expected in November.

- Chris Dorrell

Bank of England figures reveal a total of 65,700 mortgages were approved, down from 68,300 in October and comfortably below economists’ expectations.

It puts the number of mortgage approvals at its lowest level since August while approvals for remortgaging also fell by 300 in November.

The figures add to a growing body of evidence that the economy has slowed significantly in the aftermath of the Government’s first Budget.