The number of new mortgages approved fell sharply during December as the market experienced its traditional seasonal slowdown, figures showed today.
A total of 140,866 loans were approved during the month, 27 per cent less than during November, although the number was five per cent higher than in December last year, according to the British Bankers' Association.
But despite the slowdown in approvals, mortgage advances remained strong for the time of year, with a total of £16.9bn lent during the month - the highest figure for December on record.
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