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Mortgage approvals fell for the fifth consecutive month in November, tumbling to a three-year low as demand from new homebuyers continued to decline. In the latest symptom of rapidly cooling conditions in the once-booming housing market, Bank of England figures showed that the overall number of new home loans agreed, including those for remortgaging, had plunged by 26 per cent from a year earlier to 238,000.

Mortgages for house purchase, a key indicator of the health of the housing market, fell even more sharply, dropping by 37 per cent from levels a year earlier to only 83,000 – the lowest figure since January .Economists noted that this left the number of loans agreed for house purchase only 6,000 above lows plumbed in November, and dangerously close to levels that in the past have been associated with year-on-year declines in house prices.” This is further evidence of a sharp downturn in activity in the housing market,” Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, said. “We expect buyer interest to remain flat over the coming months as concerns persist over the outlook both for the economy and, more specifically, house prices.” Gary Styles, economics director at Home track, the housing data group, said: “Approvals are going to continue to move down gently in the coming months as much of the adjustment has occurred, but we can expect this to lead to very weak actual lending figures from banks from February or March.” The downturn in the housing market since September has heightened speculation that the Bank of England’s Monetary Policy Committee will order further cuts in interest rates, perhaps as soon as next week, after last month’s quarter-point reduction.

Pressure on the Bank to deliver a further cut in borrowing costs was ratcheted up this week after its latest survey of credit conditions showed that lenders had “reduced materially” the availability of mortgages in the closing months of last year and planned to tighten lending conditions still further.

Private investors are beginning to look more towards the commercial property market to make money.It seems to be occurring as returns in the residential lettings market continue to fall.This is combined with the fact that commercial properties offer better tax breaks and the possibility of charging tenants higher rents.

“Investors are increasingly letting property to businesses, such as shops, rather than residential tenants, because of signs that the traditional buy-to-let market has passed its peak,” says David Whittaker, of brokers Mortgages for Business.”As interest rates have started to rise, income from rents has been eaten up.”He added: “Although some areas of commercial property have become overvalued there is still potential for high returns, and yields on some commercial property can be as high as ten per cent.”

Although the whole country has been hit, London and the south-east in particular have seen a steady drop in residential rental values over the past two years. Subsequently, residential property yields have dropped from around eight per cent to about five per cent today.

Lloyds TSB has introduced a new service to help people buying property in Spain.Own Overseas provides the mortgage finance for Spanish property as well as providing support for the buyer in dealing with local bureaucracy.”Buying a home overseas is a very real and modern aspiration and Spain is certainly a favourite choice for Britons.

Although exciting, it is a big commitment and, for many, a step into the unknown in dealing with local customs and laws,” said Annette Hawes, head of Lloyds TSB’s Own Overseas service.Own Overseas will offer mortgages on Spanish properties while based in the UK. Mortgages can be taken out in either pounds or euros, on a repayment or interest only basis, over a period of five to 25 years. Mortgage payments will be taken from the customer’s UK bank, avoiding the need for overseas money transfers.

Paul Cooper, head of mortgages at Alliance and Leicester, has welcomed the forthcoming new mortgage regulation, but warned consumers to be prepared for a lengthier process when it comes to buying a home loan.Mr Cooper urged consumers to shop around earlier for the best deal and encouraged them to decide in advance how much they want to borrow.

“On the whole Alliance & Leicester welcomes mortgage regulation, however there are some issues that consumers will need to be aware of post M-Day,” he said.”We believe new processes and documentation introduced, such as the Key Facts Illustrator (KFI) will provide borrowers with a better understanding of mortgages and a greater degree of transparency to compare and contrast mortgage products. “We are likely to have a more confident and better informed borrower in the future.”

But Mr Cooper warned that, as from November 1st, the mortgage application process will become more extensive and therefore even more time consuming.”Consumers won’t be able to just pop into a few branches during their lunch break to get three or four ‘quick’ quotes,” he said.

There was a drop in mortgage loans in September for the second consecutive month, according to the latest data from the Council of Mortgage Lenders (CML).The survey, which covers both banks and building societies, recorded a 4 per cent drop in gross lending between August and September. And at £25.4 billion, gross lending in September showed the first year-on-year drop since October 2000, at nearly 2 per cent lower than the £25.9 billion advanced in September 2003.As in August, September’s fall in lending reflected a sharp reduction in loans for house purchase. House purchase loans totalled £11.2 billion, compared with £12.8 billion in August. Lending for house purchase was 23 per cent lower in September than the record £14.6 billion recorded two months earlier in July. Just 44 per cent of total lending was for house purchase in September, down from 48 per cent the previous month and from last September’s figure of 47 per cent.Remortgaging held up, increasing to a monthly record of £11.5 billion in September compared with £11.0 billion the previous month and £11.3 billion last September. This is likely to reflect a strong appetite on the part of consumers to seek out good-value deals, especially as their earlier special deals mature, and the CML expects this to continue.Fixed and capped-rate mortgages maintained their relative popularity, accounting for a combined 43 per cent of new lending in September.

The average new fixed rate in September was a little lower than the average new variable rate, and for the third quarter as a whole the figures were virtually identical.Commenting on the figures, CML director general Michael Coogan said: “All the latest lending data reinforces evidence that the expected slowdown in the housing market is materialising. “Remortgaging is holding up, but house purchase lending is slowing markedly. Data from other surveys corroborates the picture of an exceptional recent market that is now gently losing steam.

Insurer Standard Life has announced that it has been forced to abandon its promise to make up the shortfall in its customers’ endowment mortgages. The company has blamed poor investment performance for the move, which will affect an estimated 600,000 policyholders.

Many of those covered by the pledge will now receive top-up payments that are thousands of pounds less than they were expecting.In 2000, the mutual pledged that it would guarantee its endowment policies provided it met investment targets. However, policies maturing from 2006 will now not be entirely covered by the pledge.Standard Life claims to have put £393 million aside since 2000 to cover endowment policy shortfalls. The company was estimated to be facing a potential bill of as much as £4.8 billion to meet the promise it had made to policyholders.