Yesterday, the Council of Mortgage Lenders published data on the number of new mortgages. However, the bad news from the banks was buried beneath yesterday's terrible inflation numbers.
They can run, but they can't hide. Here is a picture of the sorry tale coming from the house lending business. The number of new mortgage approvals is way down. Moreover, the number appears to have reached a dismal plateau of about 40 thousand a month. Normally, January and February are quiet months in terms of lending activity, whith things picking up in March. Not so this year. The March number is actually a fraction lower than February.
Remember the golden rule of real estate - the supply of credit determines house prices. No credit equals a housing crash.