UK mortgage approvals see shock fall in October

Mortgage approvals have fallen by around 1,400 in October, despite economists forecasting that they would rise by 2,200 in the month.

BBA data shows approvals down from 43,000 to 42,800 (45,200 expected).

In the year to date, mortgage approvals have climbed by 33.4 per cent. Adrian Anderson, director of mortgage broker Anderson Harris, says that the ascent illustrates improving consumer confidence, while government schemes "continue to generate interest in the housing market".