The number of new mortgages being approved for home purchase has fallen again for another month.

The Bank of England has reported a fall of 28 percent for mortgage approvals during the month to 42,000. The figure is 64% down on a year ago.

The Bank added that the number of home loans approved have now fallen for 13 consecutive months, thanks in part to the global credit crunch.

Philip Shaw, chief economist at analysts Investec, described the figures as “terrible”. “There is no other way of describing them” he added. “It is really symptomatic of what is going on the housing market. The real danger is there is a knock-on effect to consumer activity.”