The latest numbers from the Council of Mortgage Lenders show that the housing market has slowed significantly as consumers continue to curb their interest in the property ladder.
Mortgage approvals slumped from £16.2bn in August to £12.7bn in September. However, remortgaging remains at a high level as a result of the UK's debt problems.
A spokesperson for the CML commented, "Market conditions may mean that mortgage customers see an increase in costs, and the Bank of England's decision not to reduce rates earlier this month will have disappointed many borrowers."