The mortgage market is facing even more troubles in the month of September, last month mortgage lending appeared to collapse all together.

Lending plummeted to an all time low, seeing a reduction of 95% figures show. The net lending in August was noted at a mere £143 million and the Bank of England showed the figures to be a hugely disappointing fraction of the July sum of £3 billion.

For the last few months it seems each figure recorded is a new low since records first began and such reductions are invariably having a negative impact on the economy as a whole. The colossal drop in net lending is greatly contributing to the fall in mortgage debt, an occurrence that is a first in the country’s current statistical series. The figures show a drop from £1.217 trillion which was documented at the end of July, to £1.216 trillion at the close of August.