U.K. Mortgage Approvals Declined in November, BBA Says

U.K. mortgage approvals fell in November as a darkening economic outlook prompted households to repay rather than add to debt, the British Bankers’ Association said.

Lenders granted 34,738 loans to buy homes, down from a revised 35,196 in October, the London-based trade group said in an e-mailed report today. From a year earlier, mortgage approvals rose from 29,875.

“Until there are clear signs of improvement in the economy and stability on the international front, households and businesses lack the confidence needed to seek credit for spending or investment,” BBA statistics director David Dooks said in an e-mailed statement today.

To contact the reporter on this story: Svenja O’Donnell in London at sodonnell@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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