The United Kingdom

British Banker's Association  mortgage approvals increased once again in November rising a further 5.1% to 44,713 units from an upwardly revised 42,552 in October (originally reported as 42,238). At this level approvals are up 152% year on year from the cycle low last November of 17,738. More significantly at these levels they are 0.7% above the November 2007 level when re-mortgaging was rife, as opposed to almost non-existent today. This is at best a recovery based on the stamp duty holiday and we will probably see another fall in January.

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