The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Wednesday. The number of mortgage approvals decreased to 43,975 in December from 44,533 in November, missing expectations for a rise to 45,500. November's figure was revised up from 45,437.

"Last year was a strong year for household borrowing. There was a 6% rise in mortgage borrowing compared to 2014 and consumer credit expanded at more than 5% annually within an overall unsecured market which is growing at nearly 10% annually," the chief economist at the BBA, Richard Woolhouse, said.