The British Bankers’ Association announced in late December that the number of mortgages granted to new borrowers in November hit a record slump.

The number of mortgage deals granted fell by nearly two thirds from October to November; only 17,773 mortgages for new house purchases were approved during the month.

The BBA said that it was not just first time buyers suffering. November also saw a sharp decline in the number of borrowers finding remortgage deals, with many borrowers preferring to switch to their lenders’ SVRs at the end of their fixed rate period rather than trying to find a better deal.

The number of approved remortgages in November was 29,798, the lowest since 2000 and half the amount in October.