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Mortgage lending hits 33-year low

15/05/2008

Mortgage lending to prospective home buyers has hit its lowest level since 1975, new figures have revealed.

According to statistics from the Council of Mortgage Lenders (CML), the number of loans taken out for house purchase dropped to 47,000 during March - down 48 per cent from the 89,000 taken out in March 2007.

Meanwhile, the total number of loans taken out for the first three months of 2008 totalled 142,000 - the lowest quarterly total since the first three months of 1975.

However, the CML predicted lending would fall even further during 2008 as the banking system reels from the credit crunch.

CML director general Michael Coogan said: "House purchase transaction volumes will continue to deteriorate in the coming months as recent approvals data from the Bank of England has shown."

Last month, figures from the CML showed gross lending in the financial sector increased by five per cent on February`s figures.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according