Mortgage lending for home purchases slipped slightly in August from July but remains roughly 29 per cent ahead of where it was a year ago as the world’s financial system was sliding towards a collapse.

New data from the Council of Mortgage Lenders shows that the number of loans for home purchases slipped by 5 per cent in August to 52,700 from July. However, re-mortgage activity – of little relevance to the overall housing market but of great relevence for individual lenders – fell by a further 22 per cent to just 32,000 loans, 57 per cent fewer than at the same time one year earlier.