There were just 49,000 loans made to home buyers in February, 3.5% lower than in January and 33% lower in comparison with the same month a year ago, the CML figures show.
The CML’s mortgage figures for the three months to February, at a combined number of 163,000, are the lowest for any quarter since early 1992, during the depths of the last recession.
There were just 18,000 loans to first-time buyers in February, the lowest figure since monthly records started in 2002.
The level of first-time lending to home buyers over the past three months is now at its lowest since the first quarter of 1975.
Loans for house purchase made up only 30% of all mortgage lending, the lowest proportion on record, according to the CML.
The CML blamed the credit crunch and said it would restrict lending further. (Xinhua)
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