New mortgage approval in UK hits 12-year low

The number of new mortgages approved for people buying a house dived to its lowest level for 12 and a half years during December, figures showed today.

The number of new mortgages approved for people buying a house in the UK dived to its lowest level for 12-and-a-half years during December, figures showed today.

The Bank of England said just 73,000 new loans were approved for people moving home during the month, the lowest figure since July 1995.