Mortgage approvals are at a five year low according to UK Finance, a trade association representing the finance and banking industry operating in the UK. UK finance said there were 36,115 seasonally-adjusted mortgage approvals in December 2017, the lowest number since April 2013.
Eric Leenders, Managing Director of Personal Finance at UK Finance said:
“December is traditionally a quieter month for mortgages, although the underlying trend of increased numbers of first time buyers, supported by government initiatives such as Help to Buy, continues. Mortgage rates remain low, driven by a competitive market, so customers should shop around for the best deals."