The number of UK mortgage approvals for home purchases fell in January to hit their lowest level in 12 months, the British Bankers' Association (BBA) reported today.
However, the figures are still up 32 per cent on a year earlier.
Approvals - the number of loans agreed but not yet completed - reached 45,039 in January. That was down from 51,233 in December but was significantly higher than the 34,216 approvals booked in January 2005.
The figures are not adjusted to reflect seasonal patterns in the housing market, which means they can be volatile from month to month.
READ MORE
The BBA said January's rise in seasonally adjusted net mortgage lending - first published last week - was unrevised at £4.6 billion, down from a rise of £5.3 billion in December.