Latest bank lending figures reveal that both gross mortgage borrowing and house purchase approvals fell in the year to November.
In a report published by the British Bankers Association (BBA) gross mortgage borrowing was recorded as being £12.2bn in November 2016, a 5% decline on the same month the previous year.
The report also revealed that house purchase approvals were down by 9% on November 2015, and during the first eleven months of 2016 were 4% lower than in the same period in 2015.
Remortgage approvals, on the other hand, were up by 14% when compared to November 2015, and the first 11 months of 2016 saw a 13% rise on the same period in 2015.
Rebecca Harding, chief economist for the BBA, said:
“The reduction in interest rates in August may have boosted remortgaging approvals, with consumers looking to take advantage of the current economic conditions and lock-in lower interest rates.”