Approvals for home loans fell to their lowest level for almost a decade in November as buyers continued to lose confidence in the housing market.
Data from the Bank of England revealed the number of home loan approvals dropped to 77,000, the lowest since September 1995.
The appetite for borrowing continued to weaken with net mortgage lending rising at the slowest pace since June 2002.
Mortgages grew by £6.5 billion or 0.8% in November, seasonally adjusted, £0.5 billion weaker than the previous month.
The value of all loans approved was £19.9 billion, £1.3 billion weaker than in October and £2 billion weaker than the average in the three months to October.
The figures support the picture painted by many analysts of a market in decline, with buyers reluctant to commit.
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