The number of home loans in the UK reached a record low in August, figures from the Council of Mortgage Lenders (CML) reveal.
Only 42,000 loans were granted - which is 59 per cent lower than the same time last year.
Their value also dropped to £6 billion, which is a decrease of 63 per cent from August 2007. This means they are at their lowest since the monthly records began in 2002.
Speaking about the recent government investment into several UK banks, CML director general Michael Coogan said: "The package of measures announced yesterday will have a positive effect, but it will take time for it to feed through to the mortgage market."
Mortgage rates are following a similar pattern to that of house prices, which are also reaching new lows.
According to figures from the Royal Institution of Chartered Surveyors, some estate agents are now selling less than one property a week.
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