Based on data released by the Bank of England, the number of mortgages sold to home buyers during the first three months of the year decreased by 20 percent compared to the previous quarter. The decline in mortgage numbers indicated that the recovery in the housing market has stopped.
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The data showed that about 144,000 mortgages have been given to home buyers in Q1, while it recorded 174,000 in the previous quarter.
The Bank of England stressed that the number of mortgages was 48,901 in March, while it was 46,882 in February. The number of mortgages increased by 17 percent compared with March of last year.
The figures released by the bank showed that the amount of net lending during the first quarter was £3.7 billion. This was down by 87 percent compared with Q1 of 2007 when the amount was £28.3 billion.
According to the Bank of England, the net borrowing, which cuts out repayments, was £318 million two months ago, while it was £1.85 billion in February.