Mortgage approvals fall to seven-year low

With the housing market in turmoil and the National Association of Estate Agents admitting that its members are each selling the equivalent of just one house per week, homeowners may begin to abandon plans to move.

Spring is on its way and summer just around the corner, making now an ideal time to start planning for a conservatory.

The housing situation hasnt been helped by the number of mortgage approvals in the UK falling dramatically in the past year, making it a tough market in which to sell a property.

According to the latest figures from the Council of Mortgage Lenders (CML), the number of mortgage approvals in December 2008 was 11 per cent lower than in November 2008 and 47 per cent lower than December 2007s figures.

It wasnt just December that saw falls in mortgage lending either; the number of approvals dropped by 30 per cent in 2008, leaving the market full of sellers and with only 70 per cent of the able buyers around in 2007.

The government continues to try to stimulate the housing market, but these latest figures show that attempts made have thus far been in vain.