Belfast Telegraph

Mortgage approvals plummet by 17%

The number of mortgages approved for people buying a home has dived by 17% during January as the housing market suffered a steep fall in activity, figures have showed.

A total of 48,198 loans were in the pipeline for house purchase during the month, the lowest level since May 2009 and the second consecutive monthly drop, according to the Bank of England.

There was also a fall in total mortgage advances, with gross lending sliding to £10.24 billion, down from £13.53 billion in November.