UK Mortgage Approvals Declined in November

British banks approved a minimum number of mortgage loans for 15 months in November after the Bank of England raised interest rates for the first time in more than ten years. The trade association UK Finance says that banks approved 39.507 mortgage loans for housing purchase last month, compared with 40.417 in October and 5% less than in November 2016.

Earlier this month, the Bank of England raised interest rates from a record low of 0.25% to 0.5%.