UK mortgage approvals declined to the lowest level in more than two years in December as the cost of living crisis and the rising interest rate took its toll on the property market.
The number of mortgages approved for house purchases fell to 35,600 in December from 46,200 in November, data from the Bank of England revealed Tuesday.
The fourth straight month of decline took the approvals to the lowest since May 2020 and they also remained well below economists' forecast of 45,000.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.