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 Figures from the British Bankers Association (BBA) have, suggested a weaker mortgage outlook, with the value of last month's lending just three per cent higher than that of last year.
According to the research, just 160,879 mortgages were approved in September, a 12.1 per cent drop on the same month in 2006.
David Dooks, BBA director of statistics, said: "Lower amounts of new mortgage lending and fewer loans approved for house purchase signal a weaker outlook for the mortgage market, particularly if loan supply reduces in the aftermath of the recent financial markets difficulties and borrowing costs remain at current levels.
"Despite reports of stronger retail sales, card spending was low in September, but so were repayment levels, giving rise to a small increase in net borrowing alongside a similar rise in loans and overdrafts, but overall demand for unsecured borrowing remains very weak."
The study showed that September saw the lowest number of mortgage approvals since 2000 – due in part to interest rate rises and the global credit crunch.
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Julian King of National Homebuyers adds, "It's people who are looking to sell their home, rather than the mortgage brokers that will be seriously affected.
"Lack of buyers means property prices will fall further. We speak to thousands each week that are looking for a quick house sale, as the sale of their property on the open market is neither meeting their price expectation or their deadline".
Mr King is a fast property sale expert at National Homebuyers, the UK's leading quick house sale company. The company guarantees to make a cash offer to purchase any property from vendors who want a quick sale.
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