Mortgage approvals down 20% on 2013, as ISA savings rise 38%

Carmen Reichman
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High street bank mortgage approvals were down 20% in November compared with the year before, new figures from the British Bankers' Association (BBA) have shown.

BBA's research found there were 36,717 house purchase approvals in November this year with a combined value of £6bn - 20% fewer than in the same month last year. The average number of house purchase approvals in the six months prior to November was 40,792 with a combined average value of £6.6bn. The Financial Conduct Authority (FCA) introduced more stringent rules on mortgage lenders following the Mortgage Market Review which came into effect in April this year. However, the BBA said the slump in mortgage approvals may be temporary as the Chancellor's autumn statement stamp duty an...

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