Property Investor News

The number of mortgages granted to home buyers in November by the major banks was just under 18,000 - down by more than three-quarters on the same month two years ago.

Property sales in the UK are down nearly 60% in the past year, according to figures from HM Revenue & Customs.

Even remortgaging, where people move their loans to new lenders but do not move houses, has slumped as the available funds have simply dried up.

Thanks to taking over, in whole or in part, banks like Northern Rock, Bradford & Bingley, RBS NatWest, and Lloyds TSB/HBOS, the government is in a strong position to pull a few levers and dictate their lending policies.