Monday, September 1, 2008
Latest mortgage figures from the Bank of England hit a new record low
The number of new mortgages approved for home buyers fell in July to just 33,000 - down by 71% on a year ago. The figures from the Bank of England are a new record low and highlight the sharp slump in mortgage lending in the course of the past year. The credit crunch has forced banks and building societies to ration their lending to only their most creditworthy borrowers. Lenders say house prices have fallen by 10% since the start of 2008.