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UK logs lowest mortgage approvals in 15 months in November

U.K. mortgage approvals dropped to a 15-month low in November, when the Bank of England raised rates for the first time in 10 years.

House purchase approvals stood at 39,507 in November, lower than the monthly average of 41,271 over the previous six months and 5% down year over year, data from trade association U.K. Finance showed.

The October figure for mortgage approvals stood at 40,417, Reuters reported.

Remortgaging approvals reached 33,670 in November, up from the monthly average of 28,715 over the previous six months and 24% higher than the year-ago period.

Annual net mortgage borrowing rose 2.8% during the month.