By Jonathan Davies

The number of homes sold in the UK fell below 100,000 a month in November for the first time in over a year, according to HM Revenue & Customs (HMRC).

HMRC said 98,490 were sold in November, down 2.1% compared with October. Mortgage approvals are down 19.5% over the last year, the figures show.

The British Bankers' Association (BBA) said 36,717 mortgages were approved in November, the lowest total for 18 months.

"Today's figures show quite a sharp chill to the housing market in recent months," said Richard Woolhouse, the BBA's chief economist.

"The BBA data provide ongoing evidence that the housing market is ending 2014 on the back foot," said Howard Archer, the chief UK and European economist at IHS Global Insight.

In the Autumn Statement, the Chancellor George Osborne announced a reform of stamp duty. The changes were introduced to reduced the amount of stamp duty paid on the vast majority of homes bought in the UK.

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