The Council of Mortgage Lenders (CML) report that mortgage lending to first time buyers and existing home owners fell during the first quarter of 2008, to its lowest level for more than 30 years.
Mortgage lending from January to March slumped to 142,000, in Q1 1975 the total was 140,000 and in the recession of 1992 it was 146,000.
Without mortgages, people cannot move; a frozen property market impacts all areas of the British economy.
We need a thaw, and we need it now.
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