The number of mortgage approvals for house purchases rose from 47,900 in October 2023, to 50,100 in November. This represents a 4.5% increase in mortgage approvals between October and November.

Despite the increase in approvals, the annual growth rate for net mortgage lending reached 0.3% in November, the lowest since the monthly records began in March 1994.

The Bank of England data showed that the total value of new mortgages issued to individuals was at net zero in November, meaning the amount of money lent in the form of new mortgages was offset by the amount of money repaid on existing mortgages.

During October, £0.1bn more was repaid on existing mortgages than was borrowed through new mortgages.