The effect of the credit crunch on the houseing market can be seen by new figures that show the number of new mortgage deals completed was down to just 64,000 in March, 44% lower than the same time last year.
This is the lowest level since this data has been collected - which started in 1993, during the then home buying slump.
But remortgages were only down from 109,000 in February 2007 to 98,000 in February 2008 according to Bank of England figures.
Despite a cut in interest rates, lenders have increased rates, increased deposits and reduced mortgage products available. According to MoneySupermarket, the average best fixed rate from main providers was 6.18%, while the average tracker rate was 6.29%, and just 32 mortgages offering 95% loan-to-value were left on the market.
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