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The slowdown in the property market has continued after new figures from the Bank of England revealed a further fall in the number of mortgages approved for home buying.
During April, 58,000 loans were approved for people wishing to buy a new home, the lowest figure since the Bank began collecting data over 15 years ago.
March`s previous record low of 64,000 was also revised by the Bank down to 63,000.
The overall value of mortgages approved over the month was £23.8 billion - below the average £26.1 billion lent in the previous six months.
Commenting on the figures David Kuo, head of personal finance at Fool, said: "The drop is not unexpected given that lenders have been exploiting the Bank of England`s three interest rate cuts this year to beef up their own balance sheets."
He added that the figures are "a wake-up call for homeowners" who were hoping to put their properties on the market this year.
