The number of mortgage deals agreed dropped to 35,612 in December - the lowest since the midst of the first Covid-19 lockdown
The number of home lending deals agreed dropped to 35,612 in the final month of 2022, compared with 46,186 in November.
The Bank said it was the lowest monthly total for mortgage approvals since May 2020 when the UK economy was in the midst of the first Covid-19 lockdown. Excluding the pandemic, the next lowest total was in January 2009 when the UK was in the throes of a recession following the global financial crisis.
The Bank said the effective interest rate – the actual interest rate paid on new mortgages – rose 32 basis points to 3.67 per cent in December.The figures also show the annual growth rate for allfrom 7 per cent in November to 7.2 per cent in December, while the rate of growth for credit card borrowing rose from 12.2 per cent to 12.4 per cent.
The increase in the amount of cash held in bank accounts was £3.9bn in December compared with a rise of £5.7bn in November. Business borrowing rose to £1.9bn in December compared with £1.5bn in November.
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