Mortgage approvals last month fell by more than half from a year earlier, according to data from the British Bankers’ Association which underlined the extreme pressure on the housing market.

The number of mortgage approvals for house purchases fell slightly from 23,383 in September to 21,584 in October. The number of approvals for other purposes was similar to September. Consumer credit was subdued, rising by just £0.3bn, and personal deposits were flat. In October 2007, 44939 mortgages were approved for house purchases.