Number of new mortgages falls to lowest level since 1974 as people renting doubles

The number of mortgages handed out for people to buy a home has collapsed to its lowest level since 1974, official figures revealed yesterday.

The Council of Mortgage Lenders said just 509,500 people managed to get a house purchase loan last year, compared to around 1.4million a decade ago.

The dire figures are a sign of Britain’s frozen housing market, with people either unable to get a mortgage or too scared about the future to take the plunge.      Read Here