Bank of England confirm lowest mortgage approvals ever.

The Bank of England have just released their monthly data on the number of mortgages approved for home purchase.

BOE data

These stand at 33,000 in July 2008 compared to 114,000 in July 2007. A drop of 70%. The lowest number of mortgages approved for home purchase ever.

Watch this now feed into significantly lower house prices for the rest of this year and into 2009.

Gordon Brown really has brought us a crash of mega proportion and has finally decided to launch some sort of rescue package this week sometime. I bet it does nothing at all.