Mortgage approvals drop 50% year-on-year…

Official figures show loan approvals in December hit lowest level – covid aside – for 14 years

Mortgage approvals fell to their lowest level – covid aside – for almost 14 years in December, according to the latest official data.

The Bank of England said that 35,612 mortgages were approved for house purchase in the month, a 23% month-on-month drop on the November figure, and the lowest level since the height of the pandemic in May 2020.