The number of mortgage approvals slumped to a new record low in January when just 23,400 loans were taken out – 28 per cent lower than in December and 52 per cent down in year-on-year figures. The Council of Mortgage Lenders (CML) said there was a slight increase in the number of people remortgaging, up 8 per cent from December, but well down annually, and it expected demand for remortgaging to remain weak this year. Only 8,900 first-time buyers took out loans during the month – the lowest level since CML records began in 2002, and down from 54,100 at its peak in June 2002.
