//
According to a report by the British Bankers' Association (BBA) reveals that banks granted 27,968 loans for house purchases in May, reports Bloomberg.
The figures represent a drop of 56 per cent on the same period a year ago and a decline of 20 per cent since April.
Overall this year, the value of property in Britain has fallen nine per cent this year as a result of the global credit crunch.
BBA director of statistics David Dooks said "Meansures of mortgage activity were lower in May as a result of tighter lending criteria and economic pressures on households."
Meanwhile, the annual growth of lending on credit cards increased by 7.4 per cent last month and growth in overdrafts and personal loans fell by 13.7 per cent, according to BBA figures.
The Fair Investment Company reported yesterday that those selling their homes outnumber housebuyers by 15 to 1.
Learn about stocks and shares with Knowledge to Action.
