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Record low for mortgage loans
Tue, 29 Jul 2008
Recent Bank of England figures show that the slowdown in the mortgage market has hit new lows, even as some commentators predict an end to the credit crunch. The number of mortgages approved for house purchase slumped to the lowest level since records began during June.

The Treasury is currently working through various options by which they can revive the mortgage market . Mortgage loan approvals have fallen for the last 14 months in a row.

Alongside falls in home loans, house prices have also started to drop throughout many areas of England and Wales. The Treasury published an outlook for mortgage finance conducted by Sir James Crosby, the deputy chairman of the Financial Services Authority.

The chief economist of the Royal Institute of Chartered Surveyors, Simon Rubinsohn, was reported as commenting: "Unless the authorities take steps to restart the mortgage market, the likelihood is that there will be more bad news in store for the both the housing market and the retail sector during the latter part of the year."

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