The latest figures from the British Bankers’ Association make seriously grim reading. The seasonally adjusted value of loans approved in June for homes dropped to a third of what it was in the same month a year ago.

The figures read: £3,297 million June 2008 against the already pitiful £4,243 million in May 2008 and compared with pervious years £9,826 million in June 2007 and £9,517 million in June 2006.

This points to a further fall in transactions and more and worsening hardship for an already pressed industry.