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Investing.com -- In an unexpected turn of events, mortgage approvals in the UK saw an increase in December, indicating a persisting demand for housing despite the escalating borrowing costs.
According to data released by the Bank of England on Thursday, banks and building societies approved 66,500 mortgages in December.
This figure shows an increase from the revised number of 66,100 approved mortgages in November.
Economists had previously predicted a decline in approvals, with an expected figure of 65,000.
This unexpected rise in mortgage approvals suggests a resilient housing demand in the UK, even as borrowing costs continue to rise.
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