The UK has seen the number of mortgages approved for new house purchases fall to a new low, the Bank of England says.
In August official figures reveal that the number of approved mortgages was 32,000, 70 per cent fewer than the same time last year.
Although August is traditionally a slow month for mortgages, this news now means that the mortgage debt for the country has fallen for the first time from £1,216,728 million to £1,216,330 million.
Howard Archer of Global Insight told the BBC: "The dire Bank of England mortgage data shows that housing market activity is being decimated by the highly damaging combination of stretched buyer affordability and tight lending practices."
The current concerns about the UK falling into a recession are thought to be contributing to lower lending figures, according to the BBC.
Meanwhile, house prices in the UK are also continuing to fall with the average property costing £174,493, according to figures from the Land Registry. This is £8,320 less than the same time last year, the BBC reports.
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