Bank of England data shows that mortgage approvals for house buyers rose to 52,900 from 52,800 in October, which was the highest level in 23 months. Economists expected a fall to 52,500.
“We can derive some encouragement from mortgage approvals holding firm in November. By that stage, the escalation of the eurozone crisis had begun to exert pressure on the banking system so we could easily have seen approvals slip back,” said Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club.
Despite the rise, mortgage approval levels remain significantly below the 88,000 monthly average since 1993.
Net mortgage lending came in below expectations, halving to £600 million in November from £1.2 billion in October. Economists had forecast a more modest fall to £900 million.
However, the number of loans for remortgaging declined for the second month in a row to reach 31,154, worth £4.1 billion overall, the lowest figure since June last year.
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