Loan volumes are less than half those of last year, banks say.
The British Bankers' Association (BBA) said today that mortgage approvals have fallen again.
According to the data, loan approvals for November numbered just 17,773 - 61 percent below November 2007's total. The BBA also said that the approvals had retreated 14 percent from the previous month.
In total, 29,798 remortgaged last month in the UK. In October, 52,452 took out the loans.
The BBA figures provide further evidence that Britain's property slump is not abating. House prices are also around 15 percent down on the previous year, other surveys from lenders have shown.
"People remain concerned about the impacts of the rapidly slowing economy on their personal finances," said BBA statistics director, David Dooks. Also commenting on the figures, Global Insight economist Howard Archer added: "The outlook for the housing market remains bleak
"Ongoing very tight credit conditions, still relatively stretched housing affordability on a number of measures, faster rising unemployment, muted income growth, widespread expectations that house prices are likely to fall a lot further and an unwillingness of many people to commit to buying a house when the economic outlook and job prospects look so bad form a powerful set of negative factors weighing down on the housing market."
