people getting mortgages slumped to a new low

The number of people getting mortgages slumped to a new low last month.

As banks ramped up the cost of deals, just 64,000 buyers were approved for new home loans.

That was 44 per cent down on March last year and the lowest since the Bank of England started keeping records in 1993.

The slump will pile pressure on the Bank of England to cut interest rates again.

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Experts blamed the sharp rise in fees for home loans and would-be buyers being put off by tumbling prices.

Britain's biggest mortgage lender, the Halifax, said yesterday it expected house prices to fall for two years.

And Simon Rubinsohn, of estate agents' body the RICS, warned: "It is improbable that the bottom of the cycle has yet been reached."

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