Economics class: UK mortgage approvals fall in November

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Specification:

• Demand and supply, financial markets

Click to read the article and then answer the questions:

UK mortgage approvals fall in November

• Explain the purpose of a mortgage

• With reference to the chart, compare UK mortgage approvals during the period shown

• Explain how stamp duty is applied in England and Northern Ireland

• Identify and explain three factors which have contributed to the unexpected fall in mortgage approvals

• Using a demand and supply diagram, analyse the potential effects of falling mortgage approvals on the UK housing market

Gavin Clarke, Emmanuel College