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The Guardian - UK
The Guardian - UK
Business
Larry Elliott

UK demand for mortgages slumps as interest rates deter buyers

Interest Rates United Kingdom Bank of England Economy Threadneedle Street
A property for sale sign outside a house
A property for sale sign outside a house. The Bank of England said the number of home loan approvals dropped to 35,600 in December. Photograph: Maureen McLean/Rex/Shutterstock

Demand for mortgages has collapsed to its lowest level since the depths of the 2020 lockdown as potential homebuyers are deterred by rising interest rates, the latest official figures show.

The Bank of England said the number of home loan approvals had dropped to 35,600 in December from 46,200 in November – the fourth monthly fall in a row.

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