Mortgage lending collapsed in August, according to the latest figures from the Bank of England. Only £143m was lent by banks and building societies, just 5% of July's lending figure and only 2% of the lending in August 2007. August is traditionally the quietest month for house sales. But the Bank's figures also show that 32,000 new mortgages were approved in August, a new record low and 70% fewer than a year ago. This suggests that the fall in sales and prices will continue into next year.

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